COMMISSIONER OF INCOME TAX EXEMPTIONS MUMBAI vs IMPACT FOUNDATION INDIA AY 2017-18

ITXA 126-24(1)..DOC LAXMI SUBHASH SONTAKKE 1. This Appeal has been filed by the Appellant-Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”), challenging the order dated 2nd January 2023 (hereinafter referred to as the “impugned order”) passed by the Income Tax Appellate Tribunal (hereinafter referred to as the “ITAT”), allowing the Respondent-Assessee’s Appeal, which was filed against the order dated 24th March 2022 passed by the Commissioner of Income Tax (Exemptions), Mumbai (hereinafter referred to as the “CIT (Exemptions), Mumbai”), thereby holding that the order passed by the CIT (Exemptions), Mumbai under Section 263 of the Act was not sustainable. The assessment year (AY) in question is AY 2017-2018. By the present Appeal, the Appellant-Revenue has raised the following re-framed questions of law:- Laxmi ITXA 126-24(1)..DOC “1. Whether the Hon'ble ITAT was justified in allowing the appeal, when the order revised did not make any inquiries and verification with regard to claim of utilization of accumulated income of Rs 6 crores under section 11(2) thereby rendering the assessment order erroneous and prejudicial to the interest of rev