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Issues involved:
The issues involved in the judgment are the entitlement to exemption u/s 11 of the Income Tax Act, 1961 and the requirement of filing a revised return of income for claiming such exemption. Entitlement to Exemption u/s 11: The appellant, a society engaged in scientific research, filed a return of income claiming exemption u/s. 10(21) but was denied by the Assessing Officer due to being categorized as an "institution" instead of an "association." The appellant's alternate claim for exemption u/s 11 was also rejected for not filing a revised return and lack of signed Form 10B by the Auditors. However, the Ld. Commissioner of Income Tax (Appeals) allowed the benefit of section 11, citing the appellant's registration u/s. 12A and submission of the audit report during assessment proceedings. The Tribunal affirmed this decision, emphasizing that a genuine claim of exemption should not be denied solely based on the absence of a revised return, as per legal precedents and constitutional provisions. Requirement of Filing Revised Return: The revenue contended that since the appellant did not claim the exemption in the original return or through a revised return, the Ld. Commissioner of Income Tax (Appeals) should not have allowed the claim. However, the Tribunal held that the genuineness of the claim was not in question, and the denial based on the lack of a revised return was not justified. Citing legal principles and constitutional provisions, the Tribunal emphasized that a valid claim of exemption should not be denied due to procedural technicalities. The Tribunal dismissed the revenue's appeal, affirming the decision of the Ld. Commissioner of Income Tax (Appeals).
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