2023 (12) TMI 640

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....imation issued by CPC Bangalore u/s 154 on 07.06.2019. The grounds taken by the assessee are as under: 1. The order of CIT(A) upholding the order u/s. 154 denying exemption u/s. 11 is bad in law and springs from mis-appreciation of facts of the case. 2. The CIT(A) having taken note of the fact that the Audit Report was obtained prior to filing of Return of Income and subsequently uploaded within the time limit stipulated u/s. 139, erred in upholding the order u/s. 154. 3. The CIT(A) having taken note of the fact that the CBDT itself vide its circular No.10/2019 clarified on condonation of delay in filing Form 10B for A.Ys.2016-17 & 2017-18, ought to have allowed the claim of exemption u/s. 11. 4. The CIT(....

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....ppellate authority and submitted that exemption u/s 11 could not be denied even if the Audit Report was filed beyond due date as per CBDT Circular No.10/2019 dated 22.05.2019. The assessee drew attention to the fact that the Audit Report was filed on 01.03.2017 which was much before the intimation issued by CPC on 02.01.2018. However, Ld. CIT(A), citing many case laws, held that power u/s 154 could be invoked only to correct an error and not to disturb a concluded finding. A mistake must exist and the same must be apparent from the record. Aggrieved, the assessee is in further appeal before us. 5. The undisputed fact that emerges is that the assessee has filed Audit Report much before the processing of return of income by CPC u/s 143(1).....