TaxTMI 
TaxTMI 
2024 (7) TMI 20
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....posed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The learned CIT[A] is not justified in upholding the refusal of the learned A.O. to rectify the Intimation u/s. 154 of the Act on the ground that the return of income filed by the appellant was not a valid one and hence, the CPC was correct in processing the same and determining taxable income without giving benefit of exemption that was available to the appellant either u/s. 10[23c][iiiad] or for that matter u/s. 1 1 of the Act, under the facts and in the circumstances of the appellant's case. 3. The learned CIT[A] ought to have appreciated that the appellant had filed a valid return of income indicating that it was claiming exemption u....
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....e and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs. 2. Facts of the issue are that the assessee claimed that they are a registered charitable trust running as many as 12 educational institutions and maintaining separate books of accounts for each institution. The assessee is registered u/s 12A of the Act vide Certificate No.GB-17/17/06/2005 issued by the CIT, Mysore. The return of Income for the A.Y. 2016-17 was filed on 30.03.2017 admitting 'Nil' income after claiming exemption to the tune ....
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....f the Act, the AO passed the rectification order u/s 154 of the Act on 05.02.2019 by denying the claim of the assessee on the ground that Form 10BB has not been filed. The NFAC has confirmed the order of the ld. AO. Against this assessee is in appeal before me. 3. The ld. A.R. submitted that that while filing their return of Income on 30/03/2017, they had claimed exemption under Section 10(23C) of the Act without further mentioning the sub-sections under which the exemption was claimed. While filing the return the column pertaining to the Name of the Institutions run, grant received, aggregate turnover etc. had been left blank due to an inadvertence. Be that as it may, the legitimate claim of the assessee for exemption u/s. 10(23)(c)(iiiab....
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....ct is not possible." 5. I heard the rival submissions and perused the materials available on record. In the present case, assessee has filed all the documents along with return of income stating that assessee is having 12 Educational institutions and the gross receipts was Rs. 2,50,44,219/- as Annexure - 1 to the Income & Expenditure account. Further, it also made it clear in the return of income ITR - 7 under the head "Details of the Projects/Institutions run by you" as follows: *Section under which exemption claimed, if any (see instruction para 11c) Section 10(23C)(iiiad) *Amount of income exempt under any clause of section 10, to the extent that is included in 12 above - Rs. 38,94,685/- *Number of branches - 12 5.1 Thus, the assess....