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The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption u/s 11, given that the return was filed beyond the time limit prescribed u/s 139(1). The ITAT held that the Central Board of Direct Taxes (CBDT) had clarified that returns filed u/s 139(4) should be accepted for granting exemption u/s 11. This implies that the scope of Section 139 includes Section 139(4), and the trust is entitled to exemption if the return is filed within the time allowed under any provision of Section 139. Consequently, the assessee's appeal was allowed, and the trust was eligible for exemption u/s 11 despite filing the return belatedly u/s 139(4).
The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption u/s 11, given that the return was filed beyond the time limit prescribed u/s 139(1). The ITAT held that the Central Board of Direct Taxes (CBDT) had clarified that returns filed u/s 139(4) should be accepted for granting exemption u/s 11. This implies that the scope of Section 139 includes Section 139(4), and the trust is entitled to exemption if the return is filed within the time allowed under any provision of Section 139. Consequently, the assessee's appeal was allowed, and the trust was eligible for exemption u/s 11 despite filing the return belatedly u/s 139(4).
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