MAYURAKSHI GRAMIN BANK EMPLOYEES PROVIDENT FUND, PBGB REGIONAL, ,SURI, BIRBHUM vs. D.C.I.T., CIRCLE - 3, SURI, SURI, BIRBHUM

ITA 1159/KOL/2024Status: DisposedITAT Kolkata31 January 2025AY 2015-2016Bench: Shri Duvvuru RL Reddy (Vice President)6 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the income of the assessee, being a recognized provident fund, is unconditionally exempt under Section 10(25)(ii) of the Act. The Tribunal further held that the assessee is statutorily not required to file a return of income under Section 139 of the Act, and the filing of a return does not invalidate the exemption. Therefore, the income was mistakenly brought to tax.

What were the facts?

The assessee, a Recognized Provident Fund, claimed exemption on interest income under Section 10(23AAA) of the Income Tax Act. This exemption was disallowed for AY 2013-14, and the matter was restored to the Assessing Officer. The AO assessed income at Rs. 52,51,802/-. For AY 2015-16, the CIT(Appeals) dismissed the assessee's appeal by relying on the AO's order for AY 2013-14.

What were the issues?

Whether the income of a recognized provident fund is exempt under Section 10(25)(ii) of the Income Tax Act, and whether filing of a return of income affects this exemption.

Which sections of the Income-tax Act were involved?

Section 10(23AAA),Section 143(3),Section 254,Section 10(25)(ii),Section 139

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘SMC’ BENCH, KOLKATA

Before: Shri Duvvuru RL Reddy, Vice-(KZ)

The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 23rd March, 2024 passed for Assessment Year 2015-16. 1 Mayurakshi Gramin Bank Employees Provident Fund

2.

Brief facts of the case are that the assessee, Mayurakshi Gramin Bank Employees Provident Fund, is a Recognized Provident Fund

The order continues below.

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