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| The Tax Publishers2020 TaxPub(DT) 1570 (Mad-HC) INCOME TAX ACT, 1961
Section 10(23C)(v)
Where assessee did not apply for approval under section 10(23C)(v) and for assessment year 2015-16 filed an application for exemption later in the year 2016, and in appeal proceedings Tribunal allowed exemption for assessment year 2015-16 as well, appeal of revenue against Tribunal's order was devoid of merits as it did not involve any substantial question of law.
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Exemption under section 10(23C)(v) - Allowability - Renewal for exemption filed subsequently was allowed by Tribunal after due consideration of facts -
Assessee was a Hindu Temple. It was granted approval for exemption by way of a Government Notification No. 8354, dated 8-5-1989. That approval was renewed from time to time and it expired before assessment year 2015-16. Assessee did not apply for approval under section 10(23C)(v) and for assessment year 2015-16 filed an application for exemption later in the year 2016. Thereafter, revenue held that assessee did not apply for an exemption for assessment year 2015-16 and as time to file such an application had expired, same could not be granted and income of assessee was therefore liable for tax during the assessment year 2015-16. Assessee filed an application for exemption later in the year 2016. Tribunal allowed benefit of exemption for assessment year 2015-16 also. Held: There was no question of law arising for consideration as appeal was devoid of merits. However, liberty was given to Revenue to proceed against trustees and committee members dealing with administration and the monies of the temple for the mismanagement and misappropriation leading to loss of public monies and the Government revenue, if any.
Followed:Arulmigu Devi Karumariamman v. ITO [I.T.A. No. 1090/Chny/2018, dt. 16-11-2018] : 2019 TaxPub(DT) 0057 (Chen-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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