PEC UNIVERSITY OF TECHNOLOGY PENSION FUND TRUST,CHANDIGARH vs. DCIT, CIRCLE 1 EXEMPTIONS, CHANDIGARH

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHANDIGARH HYBRID HEARING BEFORE HON’BLE SHRI LALIET KUMAR, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ ITA No.1442/CHANDI/2025 (िनधा�रण वष� / Assessment Year: 2014-15) PEC University of Technology DCIT-Circle-1 (Exemptions) Pension Fund Trust Chandigarh बनाम/ Vs. PEC University College Building, Sector 12, Chandigarh, 160011 �ायीलेखासं./जीआइआरसं./PAN/GIR No. AACTP-1935-B (अपीलाथ�/Appellant) (��थ� / Respondent) : अपीलाथ�कीओरसे/ Appellant by : Sh. M.R. Sharma (Advocate) – Ld. AR ��थ�कीओरसे/Respondent by : Dr. Ranjit Kaur (Addl. CIT) – Ld. Sr. DR a/w Ms. Jyotinder K Bajwa (AO) (Virtual) सुनवाईकीतारीख/Date of Hearing : 29.04.2026 घोषणाकीतारीख /Date of Pronouncement : 11-05-2026 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of an order of learned Addl. / Joint Commissioner of Income Tax (Appeals)-10, Mumbai [CIT(A)] dated 16.09.2025 in the matter of an assessment framed by Ld. Assessing Officer [AO] on 09.08.2021 pursuant to the directions of Tribunal in ITA No.553/Chd/2019 dated

29.01.2020. Having heard rival submissions, the appeal is disposed-off as under. 2. Upon perusal of Tribunal’s order, it could be seen that the assessee is a revocable pension fund trust created on 01.03.2008. Though the assessee was not registered u/s 12AA, it filed return of income in the status of charitable trust. The CPC denied the same and entire gross receipts were treated as income of the assessee. The assessee moved rectification u/s 154 which stood rejected. The Ld. CIT(A) confirmed the rejection. However, Tribunal found the assessee’s claim of expenditure to be tenable and held that the income was to be assessed as per normal provisions of the act and admissible revenue expenditure was to be allowed against the income of the assessee. The assessee was to be considered as an AOP. 3. These directions have been carried out y Ld. AO vide order dated 09.08.2021. The Ld. AO allowed relief of Rs.222.49 Lacs and computed loss of Rs.21,92,568/-. However, the same was not allowed to be carry forward on the ground that the date of filing of return of income for the AOP was 31.07.2014. The Ld. CIT(A) confirmed the action of Ld. AO against which the assessee is in further appeal before us. 4. From assessee’s paper book, It could be seen that the assessee’s books of accounts have been audited and the financial statements are accompanied by Audit Report dated 22.07.2014. The assessee has filed return of income on 30.09.2014 under the status of AOP (Trusts). Once the books are required to be audited, the assessee

would have the benefit of extended time period as per Explanation 2(a)(ii) to Sec.139(1) which provide that due date for a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force would be 30th September of the Assessment Year. In the present case, the assessee has filed return of income on 30.09.2014 which is within due date. Therefore, the assessee, in our considered opinion, would be eligible for carry forward of the computed loss to subsequent years. We order so. 5. The appeal stand allowed. Order pronounced on 11th May, 2026.

-Sd- -Sd- (LALIET KUMAR) (MANOJ KUMAR AGGARWAL) JUDICIAL MEMBER ACCOUNTANT MEMBER AS Dated:11-05-2026 आदेश की �ितिलिप अ�ेिषत /Copy of the Order forwarded to : 1. अपीलाथ�/Appellant 2. ��थ�/Respondent 3. आयकरआयु�/CIT 4. िवभागीय�ितिनिध/DR 5. गाड�फाईल/GF

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ITAT CHANDIGARH