TaxTMI 
TaxTMI 
2023 (8) TMI 1108
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....Act, 1961 (in short 'the Act') dated 24.03.2021 for the assessment year 2016-17. The assessee has assailed the impugned order on the following grounds of appeal before us: "1. In the facts & under the circumstances of the case, the ld. CIT(A) erred in upholding the order passed by CPC denying exemptions u/s. 11 & 12. The appellant is entitled for exemption which has been wrongly denied. 2. The appellant reserves the right to add, amend or modify any of the ground/s of appeal." 2. Succinctly stated, the assessee society had e-filed its return of income for A.Y.2016-17 on 27.03.2018, which was followed by a revised return, declaring an income of Rs. 3,09,580 in the status of AOP/BOI. The assessee society filed Form No. 10....
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....he material available on record and considered the judicial pronouncements pressed into service by the Ld. AR to drive home his contentions. 8. At the very outset, the Ld. Authorized Representative (for short 'AR') for the assessee society relied on the order passed by the ITAT, "SMC" Bench, Raipur, in the case of Jain Shwetamber Murtipujak Sangh Vs. ITO (2023) 68 CCH 71 (Raipur). Referring to the order above, it was averred by the Ld. AR that even if the assessee's claim for exemption u/s. 11 & 12 of the Act was to be declined and it was to be assessed in the status as that of AOP/BOI, its claim for deduction of the expenses ought to have been considered. The Ld. AR submitted that there was no justification for the A.O. to have assessed....
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....fter treating the assessee as an unregistered society, was obligated to have considered its claim for deduction of expenses raised in the income and expenditure account while deducing its taxable income. We find substance in the aforesaid claim of the Ld. AR. 11. We are unable to concur with the view taken by the lower authorities that the intimation issued by Income Tax Officer/CPC, Bengaluru u/s. 143 of the Act, therein, assessing the gross receipt of the assessee as its income does not suffer from any mistake apparent from record u/s. 154 of the Act. In our view, where the assessee's claim for exemption u/s. 11 & 12 of the Act is declined, it is incumbent for the A.O. to deduce its total income in line with commercial principles. Acco....
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....s under: "15. Be that as it may, as the assessee-trust does not cumulatively satisfy the set of conditions specified in Para 4(i) of the CBDT Circular No.10 (supra), and also had not filed any application for condonation of delay u/s. 119(2)(b) of the Act as provided in Para 4(ii) of the said circular, therefore, there remains no occasion for condoning the delay involved in filing of Form 10B by the assessee beyond the stipulated time period. I, thus, on the basis of my aforesaid observations, find no infirmity in the view taken by the lower authorities who had rightly declined the assessee's claim for exemption u/s. 11 of the Act. However, I may herein observe that the A.O after declining the assessee's claim for exemption u/s. 11....