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2023 (8) TMI 286 - AT - Income TaxRectification Petition u/s. 154 - Rejection of claim of exemption u/s 11 in absence of relevant Form No.10B. - AO rejected the petition filed by the assessee on the ground that there was no apparent mistake in the order passed by the AO u/s. 143(1)(a) - HELD THAT:- In the present case, there is no dispute with regard to the fact that the assessee did not file Form No.10B along with return of income and even before the AO, processed the return of income u/s. 143(1). But, fact remains that the assessee has filed said Form No.10B and filed Rectification Petition u/s. 154. In our considered view, when the assessee is entitled for exemption u/s. 11 AO ought to have entertained Rectification Petition filed by the assessee when the assessee has filed relevant Form No.10B specifying the amount of income accumulated for specified purpose, for which, income has been accumulated. CIT(A) without appreciating the fact simply rejected the appeal filed by the assessee. Therefore, we are of the considered view that the issue needs to go back to the file of the AO, and thus, we set aside the order of the Ld.CIT(A) and restored the issue back to the file of the AO and direct the AO to re-consider the issue in light of relevant Form No.10B filed by the assessee. Appeal filed by the assessee is allowed for statistical purposes.
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