2026 (5) TMI 1754

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....ANT MEMBER For the Assessee Represented : Shri K. Siva Rama Kumar, CA For the Department Represented : Shri CVA Rama Rao, Sr.AR ORDER PER S.S. VISWANETHRA RAVI, JM: Since the issues raised in both the appeals are similar basing on the same identical facts, upon hearing both the parties and with their consent, we proceed to hear both the appeals together and pass common order for the....

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....216 on 26.02.2016 claiming exemption under section 11 of the Act. The Centralized Processing Center, Bangalore [hereinafter in short "CPC"] denied the said exemption for non-filing of Audit Report in Form No.10B vide intimation under section 143(1) of the Act dated 14.03.2016. The assessee filed application under section 154 of the Act seeking rectification to allow exemption under section 11 of t....

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....the A.O shall examine the case of the assessee to bring the net income to tax. It is a settled principle that the gross receipt cannot be brought to tax only the net income should be taxed by giving benefit to the expenditure. Thus, considering the facts and circumstances of the case and submissions of Ld.AR & Ld. DR, we deem it proper to remit the matter to the file of the A.O for fresh considera....