2025 (9) TMI 1248

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.... u/s. 143(1) of the Act. 2. Assessee has raised following grounds of appeal : "1. The ADDL/JCIT(A), Mysore erred in law and on facts in confirming disallowance of exemption u/s 10 of ITA, 1961, amounting to Rs. 6,51,82,342 against the nil return of income. 2. The learned ADDL/JCIT(A), Mysore erred in law and facts in denying exemption u/s 10(25)(iv) of the ITA, 1961 due to non-filing of Form 10B. The learned ADDL/JCIT(A) ought to have appreciated that filing of Form 108 is not a requirement to claim exemption u/s 10(25)(iv). 3. Appellant contends that exemption u/s section 10(25)(iv) of the ITA, 1961 should be granted for AY 2023-24, considering the provision of section 10(25) (iv) of the ITA, 1961 and registration granted by PCIT(Ce....

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....is calculation. Ld. Counsel for the assessee fairly accepted that assessee failed to appear before ld.CIT(A) and considering the facts of the case and that the assessee's income is exempt u/s. 10(25(iv) of the Act, matter may please be restored to the file of ld. Jurisdictional Assessing officer for necessary verification. 5. On the other hand, ld. Departmental Representative supported the orders of the lower authorities. 6. We have considered the rival contentions and perused the record placed before us. We note that the assessee a Group Gratuity Trust approved by ld.CIT vide order dated 14.10.2022 effective from 23.03.2022 and the Trust is managing the Gratuity payable to Employees of Ultra Corpotech Private Limited Employee Group Gratu....

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.... the Board in the Official Gazette, for the welfare of employees or their dependants and of which fund such employees are members if such fund fulfils the following conditions, namely :- (a) the fund- (i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and (ii) invests its funds and contributions and other sums received by it in the forms or modes specified in subsection (5) of section 11; (b) the fund is approved by the Principal Commissioner or Commissioner in accordance with the rules made in this behalf: Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specif....