THE COMMISSIONER OF INCOME TAX, TAMIL NADU-III Vs. UNITED INDIA INSURANCE COMPANY EMPLOYEES PENSION FUND

JUDGEMENT

(1.) The Revenue has filed these appeals under Section 260-A of the Income Tax Act, 1961, aggrieved by the order dated 28.08.2009, dismissing the Revenue's appeals against the assessee M/s.United India Insurance Company Employees Pension Fund, Chennai. The relevant portion of the order of the learned Tribunal is quoted below for ready reference:

(2.) The learned counsel for the Revenue urged before us that since no specific provision, under which the approval was obtained in respect of the respondent assessee Trust fund, was mentioned at the time of filing of the return and the approval granted under Part-B of Schedule-IV of the Act requires renewal after three years and since the said approval was not renewed, the assessee was not entitled to the exemption.

(3.) The learned for the assessee, however, submitted that Rule 2 of part-B of Schedule IV of the Act does not require any such renewal every three years and since the said Trust Fund of the respondent assessee was duly approved under Part-B Schedule-IV of the Act, the exemption claimed by the assessee under Section 10(25)(iii) of the Act could not have been denied by the respondent Revenue authorities.