The Assessing Officer passed an order denying exemption. On appeal CIT(A) directed the Assessing Officer to allow the exemption. On appeal the Tribunal, affirmed the order of the Assessing Officer On appeal the Court held that the approval of the assessee-fund granted by the competent authority, i. e., the Commissioner by order dated September 29, 1995 continued for the assessment year in question, i. e., the assessment year 2005-06 and it had neither been withdrawn nor cancelled. Exemption had been denied on the ground that the assessee-fund did not comply with the conditions of approval and therefore the fund lost its recognition. The denial of exemption was not valid. Order of the Tribunal is set aside. (AY.2005-06)
Assam Frontier Employees Pension Fund v. CIT (2024) 464 ITR 102/ 336 CTR 319/164 taxmann.com 116 (Cal)(HC)
S. 10(25) : Approved superannuation fund-Exemption-Only Chief Commissioner has power to withdraw approval-Approval not withdrawn-Denial of approval on ground that conditions for approval had not been complied with-Order of denial is not valid.[S. 10(25)(iii)]