TMI Blog2021 (12) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... returned filed by the assessee should be accepted. So, we are of the considered view that when undisputedly assessee has been accorded registration under Rule 3(1) Part A of the Fourth Schedule of the Act vide order dated 03.03.1979 (supra), there is no scope for the Revenue to deny the exemption claimed u/s 10(25)(ii) of the Act on hyper technical grounds. As decided in EASTER INDUSTRIES LTD VERSUS UNION OF INDIA [ 2012 (5) TMI 397 - DELHI HIGH COURT] proof in support of the claim is not furnished by the assessee, then, for the lack of proof, no disallowance or an adjustment can be made. The only option which is open to the Income-tax Officer in such a case is that he can require the assessee to furnish proof in which case he will pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner of Income-tax (Appeals), Ghaziabad qua the assessment year 2014-15 on the grounds inter alai that :- 1. On the facts and circumstances of the case and in law, the order 04/06/2016 passed u/s 154 by the Learned assessing officer is wrong and bad in law. 2. On the facts and circumstances of the case and in law, the Learned assessing officer has erred in making an addition of ₹ 60,88,057/- as income of the assessee by treating the exempt income u/s 10(25) earned by approved provident fund as taxable income and the learned CIT Appeals has erred in upholding the addition. 3. On the facts and circumstances of the case and in law, the Learned assessing officer has erred in making an addition of ₹ 60,88,057/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act ) vide order No.24(4)/Mnt/Judl/75 dated 03.03.1979 in the name of Indo Euro Chemical Services Limited Employees Provident Fund Covered Under FPS to take effect from 01.04.1976. For the year under consideration i.e. AY 2014-15, assessee company filed return of income on 30.03.2015 in the abbreviated name as IECS Ltd. Employees P.F. covered under FPS declaring nil income after claiming exemption u/s 10(25)(ii) of the Act qua interest income of ₹ 60,88057/-. Rectified return filed by the assessee u/s 139(9) of the Act was processed by Central Processing Centre in terms of section 143(1) of the Act at the income of ₹ 60,88,057/- as against nil income declared by the assessee by denying the claim of exemption made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d return in the abbreviated name i.e. IECS Ltd. Employees P.F. Covered under FPS declaring nil income after claiming exemption u/s 10(25)(ii) of the Act. 6. When we examine the impugned order passed by the ld. CIT(A) in the light of the aforesaid undisputed facts, it is apparent on record that denial of exemption u/s 10(25)(ii) of the Act of the assessee from the interest income is solely on the ground of not filing return in the complete name of the assessee i.e. Indo Euro Chemical Services Limited Employees Provident Fund covered under FPS rather filed the return in the abbreviated name as IECS Ltd. Employees P.F. Covered under FPS . Moreover, adjustment made by the Revenue Department by denying the exemption claimed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usted against the income of the assessee and assessment has been framed at ₹ 60,88,057/- as against nil income claimed by the assessee in its return. 9. So, in view of the matter, we are of the considered view that ld. CIT (A) has erred in dismissing the rectification application filed by the assessee u/s 154 of the Act by denying a relief otherwise available to the assessee u/s 10(25)(ii) of the Act. So, we direct the AO to allow relief to the assessee by allowing exemption u/s 10(25)(ii) of the Act after due verification qua the abbreviated name mentioned by the assessee in its return in the light of the order for according exemption to the assessee vide order dated 03.03.1979 (supra). Resultantly, the appeal filed by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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