2024 (12) TMI 816

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....arising out of the rectification order passed under section 154 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2015-16. 2. The Registry has noted that there is a delay of three days in filing the above appeal. It is explained by the Department, the A.O. holding multiple charges during the said period, shortage of stock, the delay of 3 days in filing the appeal. Thus the delay of three days in filing the appeal is hereby condoned. 3. Brief facts of the case is that the assessee is an educational institution registered u/s. 12AA enjoying exemption u/s. 11 of the Act. For the Asst. Year 2015-16, assessee filed its original Return of Income on 29-09-2015 along with Audit Report in Form 1....

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....it of cost of acquisition of securities but disallowing the exemption claimed by the assessee u/s 11 which was already given by the CPC vide order passed u/s 143(1). Aggrieved with this order, assessee filed this appeal. After considering all the submissions made by the assessee and facts of the case, it is crystal clear that the assessee is a charitable trust and eligible for deduction u/s 11 of the Act. The assessee has also submitted certificate u/s 12AA of the Income Tax Act, 1961 and also filed Form 10B alongwith both ITRs i.e. original ITR filed on 29.09.2015 and revised ITR on 11.03.2016 within the time allowable. There is no reason why the entire expenditure claimed by the assessee has been disallowed. The said disallowance doesn&#3....