1. Since identical question of law and facts are involved in these appeals hence they are decided by this common judgment.

2. By way of these appeals, the appellant has assailed the judgment and order of the Tribunal whereby Tribunal has allowed the appeal preferred by the assessee.

3. This court while admitting the appeals framed following substantial questions of law:-

(i) Appeal No.32/2008

“1. Whether in the facts and circumstances of the case, the ITAT has not acted illegally and perversely in making observations with regard to grant of exemption u/s 10(23C) (vi) when the ITAT has no jurisdiction to decide any application/appeal arising out of order passed either granting or rejecting exemption u/s 10(23C) (vi) of the Act by the Competent Authority.

2. Whether, without prejudice to the facts that the ITAT did not have jurisdiction to examine the merits of the case, whether it was justified in quashing the findings given by the AO holding that the same are perverse, contrary to facts and against the law, completely ignoring the specific findings that conditions set out in the provisos to Section 10(23C) have not been fulfilled.

(ii) Appeal No.29/2008

“1. Whether in the facts