Tax Exemption Under Section 11 Valid When Return Filed Within Extended Deadline Under Section 139(4A), Rules ITAT

ITAT allowed the assessee's appeal regarding denial of exemption under section 11 of Income Tax Act. While the return was not filed within time prescribed under section 139(1), it was filed before the extended deadline under section 139(4A). Following binding CBDT Circular No.173/193/2019, which directs rectification of section 143(1)(a) orders and related demands in such cases, ITAT set aside CIT(A)'s order. Matter remanded to CIT(A) for passing rectification order as per CBDT guidelines. The ruling establishes that belated returns filed within section 139(4A) timeline qualify for exemption, provided other conditions are met. .....

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