https://www.taxtmi.com/caselaws?id=459271 ITAT Mumbai allowed the assessee's appeal against revision u/s 263 regarding exemption u/s 10(21). The assessee claimed exemption for income from auditorium hire charges, hoarding site service charges and rent as incidental to trust objectives. The AO had allowed exemption after examining details during reassessment proceedings u/s 147. ITAT held that since the AO took a possible view on a debatable issue after verifying available records, the CIT's conclusion that the order was erroneous was not tenable, following Malabar Industrial Co. Ltd. precedent. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 06 Dec 2024 18:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459271 ITAT Mumbai allowed the assessee's appeal against revision u/s 263 regarding exemption u/s 10(21). The assessee claimed exemption for income from auditorium hire charges, hoarding site service charges and rent as incidental to trust objectives. The AO had allowed exemption after examining details during reassessment proceedings u/s 147. ITAT held that since the AO took a possible view on a debatable issue after verifying available records, the CIT's conclusion that the order was erroneous was not tenable, following Malabar Industrial Co. Ltd. precedent. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459271