Whether exemption could be allowed where the taxpayer mistakenly...

Whether exemption could be allowed where the taxpayer mistakenly claimed deduction under an inapplicable provision and the CPC denied it in intimation u/s 143(1) was the dominant issue. Since the taxpayer already held approval u/s 10(23C)(iv) for the relevant period, the wrong claim u/s 10(46) was treated as an inadvertent error not defeating a legitimate statutory exemption; reliance was placed on precedent that bona fide omission/mistake in claiming exemption should not bar revision/correction when entitlement exists in law. Accordingly, the appellate authority's grant of exemption u/s 10(23C)(iv) was upheld and the revenue's appeal was dismissed. - ITAT