https://www.taxtmi.com/highlights?id=78865 The case involved rectification of a mistake u/s 154 for denial of exemption u/s 11. The appellant mistakenly classified income as "business income" instead of "income from other sources," resulting in denial of exemption. The appellant rectified this by submitting a revised return within the prescribed time frame u/s 139(5), not as a Section 154 application. As no intimation u/s 143(1) was issued within the stipulated period, the revised return was deemed accepted. Even if treated as a Section 154 application, the CPC's failure to pass an order within six months led to deemed acceptance. The rejection of a second rectification application lacked justification as all necessary details were provided in the revised return. The tribunal directed the exemption u/s 11 to be granted. en-us Thu, 27 Jun 2024 14:36:41 +0530 Thu, 27 Jun 2024 14:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78865 The case involved rectification of a mistake u/s 154 for denial of exemption u/s 11. The appellant mistakenly classified income as "business income" instead of "income from other sources," resulting in denial of exemption. The appellant rectified this by submitting a revised return within the prescribed time frame u/s 139(5), not as a Section 154 application. As no intimation u/s 143(1) was issued within the stipulated period, the revised return was deemed accepted. Even if treated as a Section 154 application, the CPC's failure to pass an order within six months led to deemed acceptance. The rejection of a second rectification application lacked justification as all necessary details were provided in the revised return. The tribunal directed the exemption u/s 11 to be granted. Highlights Income Tax Thu, 27 Jun 2024 14:36:41 +0530 https://www.taxtmi.com/highlights?id=78865