THE PRINCIPAL COMMISSIONER OF INCOME TAX Vs. INSTITUTE FOR DEVELOPMENT AND RESEARCH IN BANKING TECHNOLOGY

JUDGEMENT

(1.) Both these appeals are by the Revenue under Section 260A of the Income Tax Act, 1961. In I.T.T.A.No.391 of 2017, the following questions of law arise for consideration:

(2.) Whether, on the facts and in the circumstances of the case, and having regard to the provisions of newly inserted Section 13(8) of the Income Tax Act, 1961, inserted vide Finance Act , 2012, with retrospective effect from 01.04.2009, which squarely applies to the facts of the case of the assessee, whether, the Tribunal is correct in law in holding that the assessee is eligible for exemption under Section 11 of the Income Tax Act, 1961 for this assessment year and

(3.) Whether, in the facts and the circumstances of the case, when the income generating such assets was already treated as application of income and given exemption, thus leading to double deduction which is impermissible in law In I.T.T.A.No.71 of 2017, only the first two questions of law as arising in I.T.T.A.No.391 of 2017 arise. Since the assessee is the same in both cases and the appeals arise in respect of the assessment years 2010-11 and 2011-12, both the appeals were taken up together for disposal.