https://www.taxtmi.com/caselaws?id=765326 The Tribunal ruled that the assessee Trust is entitled to claim an exemption under Section 11 of the Income Tax Act, 1961, despite filing its Return of Income after the due date under Section 139(1), as it was filed within the extended period allowed under Section 139(4A). The Tribunal emphasized the binding nature of the CBDT circular, which permits such exemptions if the return is filed within the extended timeframe. Consequently, the Tribunal set aside the order of the Ld. CIT(A) and directed a rectification in accordance with the CBDT circular, allowing the exemption. en-us Wed, 04 Dec 2024 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765326 The Tribunal ruled that the assessee Trust is entitled to claim an exemption under Section 11 of the Income Tax Act, 1961, despite filing its Return of Income after the due date under Section 139(1), as it was filed within the extended period allowed under Section 139(4A). The Tribunal emphasized the binding nature of the CBDT circular, which permits such exemptions if the return is filed within the extended timeframe. Consequently, the Tribunal set aside the order of the Ld. CIT(A) and directed a rectification in accordance with the CBDT circular, allowing the exemption. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765326