https://www.taxtmi.com/caselaws?id=754918 The ITAT Amritsar allowed the assessee's appeal for statistical purposes and remanded the matter to the AO for fresh assessment. The case involved a trust claiming exemption under sections 11/12 of the Income Tax Act. The AO made adhoc disallowances of expenses as the assessee failed to provide documentary evidence supporting income/expenditure accounts and balance sheet, despite multiple notices. The CIT(A) upheld the assessment. Before the tribunal, the assessee raised fresh grounds regarding section 12AA applicability and cited CBDT Circular 01/2015 for retrospective operation of section 12A(2) amendments. Since these issues weren't considered during original assessment proceedings, the tribunal set aside the matter for de novo assessment by the AO. en-us Fri, 28 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 08:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754918 The ITAT Amritsar allowed the assessee's appeal for statistical purposes and remanded the matter to the AO for fresh assessment. The case involved a trust claiming exemption under sections 11/12 of the Income Tax Act. The AO made adhoc disallowances of expenses as the assessee failed to provide documentary evidence supporting income/expenditure accounts and balance sheet, despite multiple notices. The CIT(A) upheld the assessment. Before the tribunal, the assessee raised fresh grounds regarding section 12AA applicability and cited CBDT Circular 01/2015 for retrospective operation of section 12A(2) amendments. Since these issues weren't considered during original assessment proceedings, the tribunal set aside the matter for de novo assessment by the AO. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754918