AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2024 (11) TMI 145
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....ving heard rival submissions, our adjudication would be as under. 2. It emerges that in assessment order dated 19-03-2022, Ld. AO observed that the assessee did not file return of income. Accordingly, the case was reopened and notice u/s 148 was issued to the assessee on 22-03-2021. The assessee declared nil income in its return filed on 21- 04-2021. After calling for various details, Ld. AO accepted the returned income and finalized the assessment. The assessee furnished various replies during the course of assessment proceedings. 3. Subsequently, upon perusal of case records, Ld. CIT(E) noted that the assessee was registered u/s 12AA on 06-09-2016. The Ld. AO inadvertently allowed exemption u/s 11 and arrived at nil income. In terms of ....
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....the assessee was not eligible to claim such exemption. Accordingly Ld. AO was directed to reframe the assessment after considering the flagged issue. Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 6. From the written submissions of Ld. AR, it would emerge that the assessee trust was established in the year 1954 and continue to enjoy the exemption as applicable to a charitable trust. Its registration has never been cancelled at any point of time. The assessee has been assessed to Income tax even under the erstwhile provisions of the Income Tax Act 1922. The assessee is filing return of income and granted this exemption since past many decades. The Ld. AR has submitted that the erstwhile provisions of ....
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....ent for Assessment Years 2002-03 and 2007-08 to treat the assessee as not a registered charity under the amended provision of Section 12AA of the Act. However, the assessments so framed to deny exemption under Chapter III was carried in appeal which was decided in assessee's favor by the Tribunal by treating the assessee as a registered trust within the meaning of Sec. 12A of the Act. The Tribunal in ITA No.2076 and 2077/Mds/2011 order dated 16-04-2012, set aside the assessments framed to cause enquiry about the availability of registration in the office of the CIT in view of the ex-facie availability thereof qua the assessments framed for assessment years 1980-81, 1987-88 and 1988-89 post scrutiny of returns filed there-under. Though the d....
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....10. Under these circumstances, the assessee had to dispatch the physical return forms and connected enclosures such as audit report in Form No.10B, accumulation notice in Form No.10 etc., by registered post at the post office available at the Income Tax Department premises itself. The returns of income, in this manner, were filed for AYs 2013-14 to 2015-16, through registered post only to ensure compliance with the requirement of filing of Returns of income. It has further been submitted that this method of physical filing of return of income for AY 2013-14 is suspected by the CIT (Exemption) to state that there is no original return of income available on record to invoke the provisions of Section 12A(l)(ba) retrospectively so as to deny t....
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....ion as applicable to a charitable trust since 1954. It has been granted this exemption in scrutiny assessment for AYs 1980-81, 1987-88 and 1988-89. The issue of exemption has been decided in assessee's favor by the Tribunal for AYs 2002-03, 2007-08 and 2010-11. The only reason to invoke the revisionary power is the allegation that the assessee has not filed the return of income as mandated u/s 139(1). However, the circumstances under which the return of income could not be filed have not been considered in the required perspective. Due to efflux of time and change in office bearers of the assessee trust, the grant of registration by the CIT-TN III could not be traced and hence the reference thereto by way of identification as C. No. could n....