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2015 (10) TMI 1404 - ITAT HYDERABADRectification of mistake - rectification of the order on the ground that in para 4 of the order passed under section 12AA of the Act, the Director of Income-tax (Exemption) has observed that the registration is granted with effect from March 31, 2008 onwards, whereas, as per proviso 1 to section 12A(1) of the Income-tax Act, the registration granted shall be effective from 1st day of the financial year in which the application is made - Held that:- assessee will be entitled for exemption under section 11 of the Act for the assessment year following the financial year in which he has made the application for registration under section 12A of the Act. In the present case, there is no dispute to the fact that the assessee has applied for registration on March 31, 2008 i.e., in financial year 2007-08. Therefore, as per section 12A(2) the provisions of sections 11 and 12 of the Act will be applicable to the assessee from the assessment year 2008-09. In the order passed under section 12AA of the Act, Director of Income-tax (Exemption) has not made any observation with regard to the applicability of the provisions under section 11 of the Act from a particular assessment year. This aspect has to be examined by the Assessing Officer keeping in view the relevant statutory provisions. In these circumstances, we fail to understand the need for the assessee to file the application under section 154 of the Act. Be that as it may, considering the relevant statutory provisions as contained under section 12A(2) of the Act, we are inclined to hold that the provisions of sections 11 and 12 of the Act would apply to the assessee from the assessment year 2008-09 and not financial year 2008-09 as observed by the learned Director of Income-tax (Exemption). Accordingly, grounds of the assessee are allowed.
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