( 1 ) THIS is a petition filed under Articles 226 and 227 of the Constitution of India against the order dated 05/09/2001 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench c, Ahmedabad (Tribunal) in Misc. Application No. 31/rajkot/2000 under Section 254 (2) of the Income Tax Act,1961 (hereinafter referred to as the Act ). The petitioner is the Assistant Commissioner of Income Tax, Circle I, Rajkot having jurisdiction to assess the respondent assessee i. e. Saurashtra Kutch Stock Exchange Limited.

( 2 ) THE assessee returned Nil income on 29. 10. 1996 for assessment year 1996-97 seeking exemption under section 11 of the Act. Before the assessment was finalized on 3/2/1999 under section 143 (3) of the Act, the assessee was granted certificate of registration dated 20/02/1998 under section 12a of the Act by the Commissioner of Income Tax, Rajkot. The assessing officer vide assessment order dated 03/02/1999 rejected the claim for exemption under section 11 of the Act.

( 3 ) THE assessee went in appeal before the Commissioner of Income Tax (Appeal) I, Rajkot. However, on 28/02/2000 the C. I. T. (Appeal) confirmed the order of the assessing officer denying exemp