AI Drafter 
TaxTMI 
TaxTMI 
2024 (6) TMI 927
X X X X Extracts X X X X
X X X X Extracts X X X X
....nience, these were heard together and are being disposed of by this common order. 2. At the outset it is seen that there is a delay of 30 days in filing of the above appeals for which the assessee has filed a condonation petition along with an affidavit explaining the reasons for such delay. The learned DR has not opposed the condonation petition. Considering the facts and circumstances and the reasons given by the assessee, the delay in filing of the appeal is hereby condoned. ITA No.491/Hyd/2023 - A.Y 2019-20 3. The assessee raised the following grounds for the A.Y 2019-20: "I) On the facts of the case and on the principles of natural justice the learned CIT(A) is not correct in disposing the appeal without giving opport....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t in Form 10BB as mandated under section 10(23C) has not been filed on or before filing of the Return of Income, the exemption claimed u/s 10(23C) has not been granted by the Assessing Officer, CPC while processing the Return u/s 143(1)(a). 6. Aggrieved with such order of the AO, CPC the assessee filed an appeal before the learned CIT (A) NFAC who on the basis of the CBDT Circular No. CIRCULAR NO. 15/2022 [F.NO.197/89/2022-ITA-I], dated 19-7-2022 dismissed the appeal filed by the assessee. 7. Feeling aggrieved, the assessee is in appeal before the Tribunal. 8. The learned Counsel for the assessee submitted that the learned CIT (A) has dismissed the appeal of the assessee vide the impugned order dated 20.07.2023 whereby the learned ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessee seems to be consistently filing the above Form 10B belatedly, for which proper remedy left to the assessee is approaching the Administrative CIT, who is to condone the delay but not with filing appeal u/s. 250 of the Act. We do not find any infirmity in the order passed by the Ld. CIT(A) and it has open to the assessee to avail the appropriate legal remedy in accordance with Income-tax Act. We also further found that the case laws relied upon by the Ld. Senior Counsel will not be applicable to the present case, since in the case of Mayur Foundation cited (supra) wherein the Assessment year involved is 1980-81 and in the case of Xavier Kelavani Mandal (P.) Ltd. cited (supra) wherein the Assessment Year involved is 2006-07. In our cons....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the net income in the hands of the assessee trust and not the gross receipts. In all these years, we find that while denying the exemption under section 11 and 12 for want of registration under section 12AA, the Assessing officer has brought gross receipts to tax which is against the basic tenets of law where only the real income which is determined after deducting expenses from gross receipts can be brought to tax. We therefore agree with the alternate contention so advanced by the learned AR and without going into merit of the other contention which is left open, the matter is set-aside to the file of the Assessing officer to examine the claim of the expenditure so claimed by the assessee trust against the gross receipts for each of the r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....vide intimation dated 26.03.2021 as the assessee has not filed the details of registration or approval and has also not filed the Audit Report in Form 10BB before the date of filing the return of income. It was submitted by the assessee during the course of appellate proceedings that the assessee does not enjoy the registration u/s 10(23) of the Act, therefore, the assessee is not entitled to claim exemption u/s 10(23) of the Act. However, it was submitted instead of taxing the gross receipts, the net income was required to be taxed after allowing the allowable expenditure. In our view, the assessee is required to be assessed as AOP and the assessee is entitled to the deduction of expenses from the gross receipts as available to any other A....