2022 (5) TMI 164

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....fter, it filed revised return of income on 09.03.2019 declaring total income at Rs.NIL. In the intimation issued under section 143(1) of the I.T. Act, 1961 vide order dated 09.02.2020 the A.O. determined the total income of Assessee Trust at Rs.10,36,657/-, inter alia, by denying the claim of exemption under section 11(2) of the I.T. Act, 1961. Aggrieved by the order of A.O, assessee filed appeal before the Ld. CIT(A). Thereafter, the appeal was migrated to National Faceless Appeal Centre ["NFAC"] in terms of Notification No.76/2020 dated 25.09.2020 issued by the CBDT. Thereafter, vide order dated 15.12.2021 in DIN & Order No. ITBA/NFAC/S/ 250/2021-22/1037811233(1) the appeal of the assessee was dismissed by the NFAC, Delhi. 3. Aggrieved b....

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.... I.T. Act, 1961. 4.1. Before me the Learned A.R. of the Assessee submitted that assessee was required to file Form-10 as required under Rule-17 of I.T. Rules for claiming exemption under section 11(2) by 30.09.2018. However, it was filed on 09.03.2019 along with revised return of income. The CPC vide intimation under section 143(1) of the I.T. Act, 1961 disallowed the claim of exemption under section 11(2) of the I.T. Act, 1961 for the reason that assessee did not fulfil the mandated pre-condition of filing Form No.10 within the prescribed period. When the matter was carried before the Appellate Authority, the order of A.O. was upheld by the Appellate Authority. 4.2. Before me, Learned A.R. of the Assessee reiterated the submissions made ....