9911796707
TMI Blog2023 (11) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... turn was not filed u/s 139(1) of the Act, but it is equally true that the return was filed u/s 139(4) of the Act. Section 12A contains the conditions for applicability of sections 11 and 12 of the Act and at clause (ba), it is provided that the person in receipt of the income has furnished return of income for the previous year in accordance with the provisions of sub-section 4A of section 139 of the Act within the time allowed under sub- section (1) or sub-section (4) of that section . This has been inserted by the Finance Act, 2017 w.e.f. 01.04.2018 and reference to sub-section (1) or sub-section (4) is inserted by the Finance Act 2023 w.e.f 01.04.2023. Thus we are of the considered view that the assessee is very much eligible for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn of Income was filed by the Appellant belatedly beyond the due date. 4. That the ClT(Appeals) failed to appreciate that even in terms of Section 12A(ba) of the Act, the claim of the Appellant is maintainable as the return of income has been filed under Section 139(4) of the Act. 5. Without prejudice, the CIT(Appeals) failed to adjudicate that no adjustment was warranted in the present case as the issue of denying exemption under Section 11/12 of the Act in case of belated return was clearly debatable in nature and hence beyond the jurisdiction vested with the Assessing Officer u/s 143(3) of the Act 6. Without prejudice, the ld. CIT(A) further failed to consider that there were sufficient bonafide reasons beyond the control of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he findings of the ld. CIT(A) and read the operative part. 8. We have carefully perused the orders of the authorities below. It is true that while denying exemption u/s 11/12 of the Act, no intimation was given to the assessee which amounts to violation of principles of natural justice. It is true that the return was not filed u/s 139(1) of the Act, but it is equally true that the return was filed u/s 139(4) of the Act. 9. Section 12A contains the conditions for applicability of sections 11 and 12 of the Act and at clause (ba), it is provided: The person in receipt of the income has furnished return of income for the previous year in accordance with the provisions of sub-section 4A of section 139 of the Act within the time allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 10 of the Act will be available to the trusts where they furnish updated return of income. Accordingly, it is proposed to clarify that the exemption under section 11, 12 and sub- clause (iv)/(v)/(vi)/(via) of clause (23C) of section 10 of the Act will be available only if the return of income has been furnished within the time allowed under sub-section (1) or subsection (4) of section 139 of the Act. d. Hence, it is proposed to, a) amend the twentieth proviso of clause (23C) section 10 of the Act to provide that the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub- clause (vi) or sub-clause (via) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
