2026 (2) TMI 59

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....aised following grounds of appeal:- 1. On the facts and in the circumstances of the case and in law, the learned CIT (A) not justified in confirming the denial of exemption u/s 11 of the Act by CPC. 2. On the facts and in the circumstances of the case and in law, the learned CIT (A) erred in holding that exemption u/s 11 is not allowed though the return of income has been furnished within the time allowed under sub-section (4) of section 139 of the Act. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) not justified in taxing receipts ignoring the application of income /expenses made as only net surplus is taxable as income. 4. The appellant craves, to consider each of the a....

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....deration is 15.02.2021 and u/s 139(4) is 31.05.2021. Admittedly the return of income of the assessee is filed belatedly u/s 139(4) of the Act. In the return assessee has claimed benefit u/s 11 on the gross receipts of Rs. 70,98,284/- and net income/profit during the year as per audited Profit and Loss account is Rs. 3,728/- The return has been processed by the CPC vide order dated 30.11.2021 and the gross receipts have been added in the accounts of assessee on account of delay in furnishing the return i.e. the return has not been filed within the due date prescribed u/s 139(1) of the Act. 6. We observe that the assessee in order to claim exemption u/s 11 of the Act needs to fulfill the conditions prescribed u/s 12A of the Act. One of the....