Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, BENCH ‘C’ KOLKATA
Before: Hon’ble Shri J.Sudhakar Reddy, AM & Shri S.S.Viswanethra Ravi, JM ]
This is an appeal by the Assessee against the order dated 29.09.2016 passed by C.I.T-(A)-15, Kolkata for A.Y.2012-13.
2. The only issue to be decided is as to whether the CIT(A) is justified in not giving exemption u/s 11 of the Act in the facts and circumstances of the case.
3. The ld. AR submits that the issue is covered by the decision of Coordinate Bench of this Tribunal in assessee’s own case for A.Y.2006-07 and 2007-08 and referred to para no.10 of the said order. The ld. DR relied on the order of the CIT(A).
Heard both the rival contentions and perused the material available on record we find that the department of revenue has granted registration u/s 12AA to the assessee by an order dated 09.07.2012 w.e.f. 01.04.2011. The Co-ordinate Bench of this Tribunal discussed the issue in terms of amendment brought in Finance Act (No.2) w.e.f. 01.10.2014 and held the said amendment should be read as retrospective in operation and the assessee is entitled for exemption u/s 11 of the Act for A.Y.2006- 07 and 2007-08 also. As noted above, benefit of exemption u/s 11 of the Act has been granted to the assessee from 01.04.2011 and since, the A.Y. consideration is 2012-13 Kolkata Metropolitan Development Authority A.Y.2012-13 and therefore, assessee is entitled to get exemption u/s 11 of the Act. Accordingly we direct the AO to adjudicate the issue afresh in accordance with law. The relevant portion of order of Co-ordinate Bench supra, is reproduced herein below :- “10. In view of the aforesaid facts and respectfully following the judicial precedent relied upon hereinabove, we hold that the amendment brought in Finance (No.2) Act, 2014 w.e.f. 1.10.2014 in section 12A(2) of the Act should have to be construed as retrospective in operation and accordingly the assessee would be entitled for exemption u/s 11 and 12 of the Act for the Asst Years 2006- 07 and 2007-08 also. Hence we allow the additional ground raised by the assessee for both the years under appeal before us. Since the preliminary ground of claim of exemption u/s 11 and 12 for the Asst Years 2006-07 & 2007-08 is allowed , the regular grounds raised by the assessee on the validity of proceedings and the merits thereon are not required to be adjudicated herein. Hence we direct the ld AO to grant exemption u/s 11 and 12 of the Act for the Asst Years 2006-07 and 2007-08 and adjudicate the merits of the addition afresh in accordance with law. We make it clear that our opinion on the merits of the addition are left open and direct the ld AO to adjudicate the same afresh in accordance with law, after grant of exemption u/s 11 and 12 of the Act for the Asst Years 2006-07 and 2007- 08 .
In the result, the appeals of the assessee in 724/Kol/2013 are dismissed as withdrawn and appeals of the assessee in ITA Nos. 523 & 524/Kol/2015 for the Asst Years 2006-07 and 2007-08 respectively are allowed for statistical purposes.”
In view of the above we set aside the order of CIT(A) and grounds raised
by the assessee are allowed for statistical purposes.
6. In the result, the appeal of the assessee is allowed for statistical purpose.
Order pronounced in the open Court on 27.06.2018.
Sd/- Sd/- [J.Sudhakar Reddy] [ S.S.Viswanethra Ravi ] Accountant Member Judicial Member Dated : 27.06.2018. [RG Sr.PS] Kolkata Metropolitan Development Authority A.Y.2012-13 Copy of the order forwarded to: 1.Kolkata Metropolitan Development Authority, Unnayan Bhavan, G-Block, 3rd Floor, Salt Lake, Kolkata-700091.
A.C.I.T., Circle-50, Kolkata.
C.I.T.(A)-15, Kolkata 4. C.I.T.-7, Kolkata..