ASHOKA FOODS & DEHYDRATES SANSTHAN Vs. ACIT

JUDGEMENT

(1.) THIS appeal is preferred by the assessee against the order of the ld. CIT(A), inter alia, on the following grounds: -

(2.) Though various grounds are raised, but they all relate to denial of exemption under section 10(23B) of the Income -tax Act, 1961 (hereinafter called in short "the Act") on account of non -production of certificate for exemption from Khadi and Village Industries Commission under the KVIC Act.

(3.) The facts in brief culled out from the orders of the lower authorities are that the assessee is engaged in the manufacturing and processing of spices. The return of income was filed claiming exemption under section 10(23B) of the Act on the pretext that its unit of manufacturing and processing of spices is duly registered with the Khadi and Village Industries Commission. The profit during the previous year under consideration has been credited into the capital fund account which is reflected in the balance sheet as on 313.2008.