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2022 (12) TMI 867 - AT - Income TaxExemption u/s 11 and 12 - Appellant is a separate and independent entity which is not registered u/s 10(23C) (iiiad) - HELD THAT:- AR before us vehemently pleaded that up to AY 2014-15, it is a fact that assessee had erroneously treated itself as an independent entity and filed its returns. However, the assessee would still be entitled for exemption u/s 10(23C) (iiiab) and not u/s 10(23C)(iiiad) of the Act as the assessee is an educational institution wholly and substantially financed by Government. This is a fresh claim made by the assessee before us. Considering all we deem it fit and appropriate to remand this entire appeal to the file of the ld.AO for denovo adjudication in accordance with law. All the arguments of the assessee could be made before ld.AO in the set aside proceedings. The assessee is at liberty to furnish fresh evidences, if any, in support of all its exempts. Needless to mention that the assessee be given reasonable opportunity of being heard. AO is hereby directed to frame fresh assessment for the year under consideration in accordance with law by considering the aforesaid observations and the evidences filed by the assessee on record. Accordingly, the grounds raised by the assessee are allowed for statistical purposes.
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