https://www.taxtmi.com/caselaws?id=754622 The ITAT Chandigarh allowed the assessee society's appeal regarding denial of exemption under section 11. The society had incorrectly shown income under business income instead of income from other sources, leading CPC to deny the exemption. The tribunal held that the rectification application was actually a revised return under section 139(5) filed within the stipulated timeframe. Since no intimation under section 143(1) was issued within one year, the return was deemed accepted. The tribunal directed that the exemption under section 11 be granted as claimed in the revised return. en-us Tue, 25 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754622 The ITAT Chandigarh allowed the assessee society's appeal regarding denial of exemption under section 11. The society had incorrectly shown income under business income instead of income from other sources, leading CPC to deny the exemption. The tribunal held that the rectification application was actually a revised return under section 139(5) filed within the stipulated timeframe. Since no intimation under section 143(1) was issued within one year, the return was deemed accepted. The tribunal directed that the exemption under section 11 be granted as claimed in the revised return. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754622