Axis Bank Foundation, Mumbai vs. CIT (Exemption), Mumbai
Accordingly, the grounds raised by the assessee are allowed
ITA 1285/MUM/2021[2016-17]Status: DisposedITAT Mumbai28 Jul 2022AY 2016-17
Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Axis Bank Foundation V. Cit (Exemptions) 2Nd Floor, Axis House Room No. 617, 6Th Floor Pandurang Budhkar Marg Piramal Chamber, Lal Baug Worli, Mumbai - 400018 Parel, Mumbai - 400012 Pan: Aaatu2526R (Appellant) (Respondent) Assessee By : Shri Soumen Adak & Shri Nitin Agarwal Department By : Ms. Shailaja Rai
For Appellant: Shri Soumen Adak &For Respondent: Ms. Shailaja Rai
Section 11Section 11(1)(a)Section 12ASection 143(3)Section 263Section 7
financial statements and brought our attention to the declaration made by the assessee with regard to Finance Act, 2016
amendment made in section 2(1)(j)(vi) of the Foreign Contribution
Regulation Act, 2010 w.e.f. 26th September, 2010 as a result of which the Axis Bank limited cannot be considered ... cause of assessee.
23. Further, it was submitted that due to the amendment made in the Finance Act, 2016 in section 2(1)(j)(vi) FCRA Act 2010 as per which, earlier the assessee was treated as foreign source but now after amendment, it is considered as not a foreign
