INCOME TAX OFFICER(E)-2(2), MUMBAI vs. OLD GIRTONIANS ASSOCIATION PROPERTY FUND, MUMBAI

O R D E R PER RAJ KUMAR CHAUHAN (J.M.): 1. This appeal is filed by the appellant/assessee against the order dated 02.07.2024 of Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as the Page | 1 Old Girtonians Association Property Fund; A.Y. 2016-17 “CIT(A)”], passed under section 250 of the Income Tax Act, 1961 [hereinafter referred to as “the Act”] for the A.Y. 2016-17.

1. “Whether, on the facts and in the circumstances of the case and in law, the Hon’ble CIT(A) was justified in quashing the proceedings u/s 148 of the Act in view of the case being re-opened in light its activities of the assessee involved in the 7th limb which attracts proviso to section 2(15) and the assessee is not entitled to exemption u/s 11 of the Act? 2. Whether, on the facts and in the circumstances of the case and in law, the Hon’ble CIT(A) was justified in giving relief and quashing the proceedings u/s 148 of the Act on the basis the assessee would have to suffer double taxation in view of the exempt amount offered for taxation in view of failure to utilize the exempt proceeds accumulated within the statutory time limit required by law? 3. Whether, on the facts and in the circumstances of the case and in law, the Hon’ble CIT(A) was justified in quashing the proceedings u/s 148 of the Act considering them as change of opinion when on facts and circumstance the case which has been re-opened on the basis of fresh interpretation of law with respect to the proviso to section 2(15) of the Act in the judgement by the Hon’ble Supreme Court in in ACIT (Exemptions) Vs. Ahmedabad Urban Development Authority [2022] 143 taxmnn.com 278(SC).?”