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Facts
The assessee, a trust running an educational institution, failed to file a return of income for AY 2016-17. Proceedings u/s 147 were initiated due to cash deposits, and a return was filed later claiming exemption u/s 11(1)(A) based on provisional registration. The AO denied the exemption, treating total receipts as income, and the CIT(A) upheld this.
Held
The Tribunal held that the provisional registration was sufficient for claiming exemption u/s 11 of the Act for the impugned assessment year. It also noted that Section 12A(ba) was inserted w.e.f. AY 2018-19 and was not applicable. Consequently, the reassessment proceedings were deemed invalid.
Key Issues
Whether provisional registration is sufficient for claiming exemption u/s 11, and whether Section 12A(ba) is applicable for the assessment year in question.
Sections Cited
147, 144B, 250, 11(1), 12A, 12AA, 139(1), 139(4A), 139(4C), 10(23C), 271(1)(c), 12AB, 12A(ba), 143(3), 148, 143(2)
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Income Tax Appellate Tribunal, KOLKATA ‘A’ BENCH, KOLKATA
Before: SHRI PRADIP KUMAR CHOUBEY & SHRI RAKESH MISHRA
order
: March 10th, 2025 ORDER
PER RAKESH MISHRA, ACCOUNTANT MEMBER:
This appeal filed by the assessee is against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as the ‘Ld. CIT(A)’] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2016-17 dated 24.06.2024, which has been passed against the assessment order u/s 147/144B of the Act, dated 28.03.2022.