ITAT rectified intimation denial for Form 10BB. Appellant's return deemed invalid, taxed without exemption. Ruling favors appellant citing court judgment.

ITAT rectified intimation denial for Form 10BB. Appellant's return deemed invalid, taxed without exemption. Ruling favors appellant citing court judgment. https://www.taxtmi.com/highlights?id=78978 The ITAT decision addressed rectification of intimation u/s 154, relating to denial of claim u/s 10(23C)(iiiad) due to non-filing of Form 10BB. The appellant's income return was deemed invalid, leading to taxation without exemption u/ss 10(23c)(iiiad) or 11. The appellant, with 12 units and gross receipts on record, cited a relevant court judgment supporting their eligibility for exemption. The ITAT ruled in favor of the appellant, stating the issue was non-debatable based on the court precedent, directing the AO to implement the petitioner's section 154 application. en-us Mon, 01 Jul 2024 08:31:27 +0530 Mon, 01 Jul 2024 08:31:27 +0530 TaxTMI RSS Generator ITAT rectified intimation denial for Form 10BB. Appellant's return deemed invalid, taxed without exemption. Ruling favors appellant citing court judgment. https://www.taxtmi.com/highlights?id=78978 The ITAT decision addressed rectification of intimation u/s 154, relating to denial of claim u/s 10(23C)(iiiad) due to non-filing of Form 10BB. The appellant's income return was deemed invalid, leading to taxation without exemption u/ss 10(23c)(iiiad) or 11. The appellant, with 12 units and gross receipts on record, cited a relevant court judgment supporting their eligibility for exemption. The ITAT ruled in favor of the appellant, stating the issue was non-debatable based on the court precedent, directing the AO to implement the petitioner's section 154 application. Highlights Income Tax Mon, 01 Jul 2024 08:31:27 +0530 https://www.taxtmi.com/highlights?id=78978