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ITAT set aside the lower authorities' orders and remanded the matter to the file of the AO for verification of whether the anonymized assessee holds valid registration under s.12A and has complied with statutory conditions (including audit/reporting requirements); if so, AO is directed to allow exemption under s.12A. The Tribunal found denial of s.10(23C) relief to be unsustainable where the assessee had not claimed s.10(23C) and thus was not required to file Form 10BB, distinguishing the properly filed Form 10B for s.12A. The application under s.154 and prior rejections by the CPC were set aside insofar as they precluded the AO's fresh verification. Appeal allowed for statistical purposes.
ITAT set aside the lower authorities' orders and remanded the matter to the file of the AO for verification of whether the anonymized assessee holds valid registration under s.12A and has complied with statutory conditions (including audit/reporting requirements); if so, AO is directed to allow exemption under s.12A. The Tribunal found denial of s.10(23C) relief to be unsustainable where the assessee had not claimed s.10(23C) and thus was not required to file Form 10BB, distinguishing the properly filed Form 10B for s.12A. The application under s.154 and prior rejections by the CPC were set aside insofar as they precluded the AO's fresh verification. Appeal allowed for statistical purposes.
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