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TMI Blog2021 (10) TMI 1155X X X X Extracts X X X X X X X X Extracts X X X X ..... 807/- and Rs. 24,65,628/- made on account of provisions for gratuity and prior period expenses respectively. 2. On the facts and circumstances of the case and in law, Ld.CIT(A) has erred in allowing the exemptions u/s 11 & 12 even when assessee has not submitted Form 10B alongwith late filing of Income tax Return for A.Y.2012-13. 3. On the facts and circumstances of the case and in law, Ld.CIT(A) has erred in allowing the exemption u/s 10(23C)(vi) of the IT Act, 1961 while the assessee has claimed exemption u/s 11 & 12 as per Return of Income. 4. The appellant craves leave to add, to alter or amend any ground of appeal raised above at the time of hearing." 2. Ground Nos. 1, 2 and 3 raised by the Revenue are inter-connected. 3. Groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urposes and not for the purpose of profit. Therefore, the income is not to be included in the total income of the assessee, liable to tax. 6. Aggrieved against this, the Revenue is in appeal before this Tribunal. 7. Ld. Sr. DR vehemently argued that the deletion by Ld.CIT(A) is not justified. He submitted that the assessee had not submitted Audit Report alongwith the filing of income tax return for the year under consideration. Further, Ld.CIT(A) grossly erred in allowing the exemption u/s 10(23C)(vi) of the Act while the assessee had only claimed exemption u/s 11 & 12 of the Act as per the return of income. 8. Ld. Counsel for the assessee reiterated the submissions as made in the written synopsis and submitted that there is no illegalit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee by observing as under:- 4. "Assessee has shown total income of Rs. 7,70,71,009/- and total expenditure of Rs. 7,37,84,149/- and having surplus of Rs. 32,86,860/-. Assessee in its return has claimed exemption u/s 12, and during the assessment proceedings assessee has claimed to be covered u/s 10(23) (iiiab) of the income tax Act, 1961. Firstly assessee has not claimed exemption u/s 10(23)(iiiab) in the return of income, hence its claim cannot be considered. Secondly, as per its income & expenditure account for F.Y. 2011-12, The grants received from government is NIL, hence it is not in receipt of regular grants for planned or unplanned expenditure from government therefore it is not substantially financed by the government. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of Provision for Gratuity & Prior period expenses (18557807 +2465628) Rs. 2,10,23,435/- Net Taxable Income Rs. 2,43,l0,295/- The assessment is completed u/s 143(3) of Rs. 2,43,10,295/- to taxed as AOP against returned income of Rs.Nil. Charge interest u/s 234A, 234B & 234C as per law. Issue notice of demand and challan. Penalty initiated Separately u/s 271(1)(c) for concealment of income and issue separately." 12. Hence, the claim of the assessee was rejected purely on the ground that the assessee had filed its return of income without enclosing Form 10B hence, failed to comply the mandate of section 12A(b) of the Act. But the Ld.CIT(A) allowed the claim by observing as under:- 16. "As the appellant is the other educational i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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