9911796707
TMI Blog2023 (11) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... cer ('AO') in passing the intimation dated 30.11.2021 under Section 143(1) of the Income Tax Act, 1961 ("Act") for the relevant Assessment Year ("AY") 2020-21 whereby income of the Appellant has been computed at Rs. 10,16,26,224 as against Nil Income returned by the Appellant. 2. That the CIT(Appeals) erred on the facts and in law in passing the order in undue hurry and In gross violation of the principles of natural justice inasmuch as no opportunity of personal hearing was provided to the Appellant. 3. That the CIT(Appeals) erred on the facts and in law in upholding the adjustment made by the AO in denying the complete exemption claimed by the Appellant under Section 11/12 of the Act by applying provisions of clause (ba) of Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(A) but without any success. 5. Before us, the ld. counsel for the assessee vehemently stated that CPC in the impugned order did not specify the reasons for denying the benefit of exemption u/s 11/12 of the Act. It is the say of the ld. counsel for the assessee that even the request made by the assessee online was not responded. 6. The ld. counsel for the assessee further stated that though the return was filed on 25.03.2021, but the Tax Audit Report in Form 10B was filed on 14.12.2020. The ld. counsel for the assessee further pointed out that though the return was not filed u/s 139(1) of the Act, but was certainly filed u/s 139(4) of the Act and, therefore, the assessee is very much eligible for exemption u/s 10/11 of the Act. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 10 of the Act shall not be available to such trust or institution. a. Similarly, as per the provisions of clause (ba) of sub-section (1) of section 12A of the Act, if the return of income is not furnished by a trust or institution under the second regime within the time under section 139 of the Act, exemption under section 11, 12 of the Act shall not be available to such trust or institution. b. Section 139 of the Act was amended by the Finance Act, 2022 providing for an option to the taxpayers to furnish updated return of income up to 2 years from the end of assessment year. c. This resulted in unintended consequences of allowing exemption under section 11, 12 of the Act and sub-clause (iv)/(v)/(vi)/(via) of clause (23C) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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