The Stock Exchange of Ahmedabad,, Ahmedabad v. The DDIT (Exeption),, Ahmedabad

ITA 3033/AHD/2009 | 2006-2007
Pronouncement Date: 30-03-2012 | Result: Allowed

Appeal Details

RSA Number 303320514 RSA 2009
Assessee PAN AAAAT4934B
Bench Ahmedabad
Appeal Number ITA 3033/AHD/2009
Duration Of Justice 2 year(s) 4 month(s) 19 day(s)
Appellant The Stock Exchange of Ahmedabad,, Ahmedabad
Respondent The DDIT (Exeption),, Ahmedabad
Appeal Type Income Tax Appeal
Pronouncement Date 30-03-2012
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted C
Tribunal Order Date 30-03-2012
Date Of Final Hearing 05-03-2012
Next Hearing Date 05-03-2012
Assessment Year 2006-2007
Appeal Filed On 11-11-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH AHMEDABAD BEFORE SHRI A. K. GARODIA ACCOUNTANT MEMBER AND SHRI KUL BHARAT JUDICIAL MEMBER I.T.A. NO. 3033/ AHD/2009 (ASSESSMENT YEAR 2006-07) THE STOCK EXCHANGE AHMEDABAD KAMDHENU COMPLEX OPP: SAHAJANAND COLLEVE PANJARAPOLE AMBAWADI AHMEDABAD-15 VS. DCIT (EXEMPTIONS) AHMEDABAD PAN/GIR NO. : AAAAT4934B (APPELLANT) .. (RESPONDENT) APPELLANT BY: SHRI M G PATEL AR RESPONDENT BY: SHRI A TIRKEY SR. DR DATE OF HEARING: 05.03.2012 DATE OF PRONOUNCEMENT: 30.03.2012 O R D E R PER SHRI A. K. GARODIA AM:- THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF LD. CIT(A) XXI AHMEDABAD DATED 15.09.2009 FOR THE ASSE SSMENT YEAR 2006- 07. THE GROUND NO.1 IS AS UNDER: THE LD. CIT(A) HAS ERRED IN LAW AS WELL AS ON THE FACTS BY CONFIRMING THE ASSESSMENT MADE BY THE A.O. AND REJE CTING THE CLAIM OF THE ASSESSEE THAT IT IS ENTITLED TO THE BE NEFITS OF EXEMPTION U/S 11 OF THE INCOME TAX ACT 1961. 2. IT IS SUBMITTED BY THE LD. A.R. THAT IT IS NOTED BY LD. CIT(A) IN PARA 4.3 OF HIS ORDER THAT THE ASSESSEES CLAIM FOR EXEMPTION OF INCOME U/S 11 & 12 IS A SUBJECT MATTER OF DISPUTE WHICH IS PEN DING BEFORE THE HONBLE GUJARAT HIGH COURT. HE SUBMITTED A COPY OF THE JUDGEMENT OF HONBLE GUJARAT HIGH COURT IN INCOME TAX APPEAL NO. 471 473 AND 478/1999 DATED 14.12.2010 AND POINTED OUT THAT AS P ER THIS JUDGMENT IT I.T.A.NO.3033 /AHD/2009 2 WAS HELD BY THE HONBLE GUJARAT HIGH COURT THAT INC OME TAX APPEAL OF THE TRIBUNAL WAS RIGHT IN LAW AND ON FACTS IN COMING TO THE CONCLUSION THAT THE ASSESSEE ASSOCIATION IS ENTITLED TO THE BENEFIT OF SECTION 11 & 12 OF THE INCOME TAX ACT 1961. HE SUBMITTED THAT IN THE LIG HT OF THIS DECISION OF HONBLE GUJARAT HIGH COURT THE MATTER MAY BE RESTO RED BACK TO THE FILE OF LD. CIT(A) FOR A FRESH DECISION REGARDING THE AL LOWABILITY OF EXEMPTION TO THE ASSESSEE U/S 11 & 12 OF THE ACT IN THE LIGHT OF THIS JUDGEMENT AND OTHER FACTS OF THE CASE. LD. D.R. S UPPORTED THE ORDERS OF AUTHORITIES BELOW. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS PERUSE D THE MATERIAL ON RECORD AND HAVE GONE THROUGH THE ORDERS OF AUTHORIT IES BELOW AND THE JUDGMENT OF HONBLE GUJARAT HIGH COURT CITED BY THE LD. A.R. WE FIND THAT IT IS NOTED BY LD. CIT(A) IN PARA 4.3 OF HIS O RDER THAT THE ASSESSEES CLAIM REGARDING EXEMPTION OF INCOME U/S 11 & 12 OF THE INCOME TAX ACT 1961 IS PENDING BEFORE THE HONBLE GUJARAT HIGH COU RT. IT IS ALSO NOTED BY HIM THAT IN THE RETURN OF INCOME AND ALSO IN THE LETTER DATED 20.12.2002 THE ASSESSEE IS NOT CLAIMING EXEMPTION OF INCOME U/S 11 & 12 IN VIEW OF THE PROVISION OF SECTION 13(1)(D)(II) AND PROVISO (IIA) THEREUNDER. WE FEEL THAT HE SHOULD DECIDE THIS ISS UE AFRESH IN THE LIGHT OF THE JUDGMENT OF HONBLE GUJARAT HIGH COURT AND ALS O IN THE LIGHT OF THE FACTS OF THE PRESENT CASE REGARDING THE APPLICABILI TY OF THE PROVISIONS OF SECTION 13(1)(D) AND OTHER PROVISIONS AND HENCE WE SET ASIDE THE ORDER OF LD . CIT(A) ON THIS ISSUE AND RESTORE THE MATTER BA CK TO HIS FILE FOR A FRESH DECISION. LD. CIT(A) SHOULD PASS NECESSARY ORDER A S PER LAW AS PER ABOVE DISCUSSION AFTER PROVIDING ADEQUATE OPPORTUNITY OF BEING HEARD TO BOTH THE SIDES. THIS GROUND OF THE ASSESSEES APPEAL IS ALL OWED FOR STATISTICAL PURPOSE. 4. IN VIEW OF THE ABOVE DECISION IN RESPECT OF GROU ND NO.1 OF THE ASSESSEES APPEAL OTHER GROUNDS RAISED BY THE ASSE SSEE DO NOT CALL FOR ANY I.T.A.NO.3033 /AHD/2009 3 ADJUDICATION AT THIS STAGE. AFTER DECIDING THE 1 ST ISSUE INVOLVED IN THE GROUND NO.1 IF IT IS FELT THAT OTHER ISSUES ARE AL SO RELEVANT THEN LD. CIT(A) SHOULD DECIDE THOSE ASPECTS ALSO AFRESH AFTE R PROVIDING ADEQUATE OPPORTUNITY OF BEING HEARD TO BOTH THE SIDES BUT NO ADJUDICATION IS CALLED FOR AT THIS STAGE REGARDING OTHER GROUNDS BECAUSE T HE EXEMPTION U/S 11 OF THE INCOME TAX ACT 1961 IS RESTORED BACK TO THE FI LE OF LD. CIT(A). 5. IN THE RESULT APPEAL OF THE ASSESSEE STANDS ALL OWED FOR STATISTICAL PURPOSE IN TERMS INDICATED ABOVE. 6. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE M ENTIONED HEREINABOVE. SD./- SD./- (KUL BHARAT) (A. K. GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER SP COPY OF THE ORDER FORWARDED TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE LD. CIT (APPEALS) 5. THE DR AHMEDABAD BY ORDER 6. THE GUARD FILE AR ITAT AHMEDABAD 1. DATE OF DICTATION 27/3 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 28/3 .OTHER MEMBER 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. P .S./P.S. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 30/3 5. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. P.S./P.S.30/3 6. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 30/3/12 7. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK .. 8. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER . 9. DATE OF DESPATCH OF THE ORDER.