KRISHI UPAJ MANDI SAMITI,NARSINGPUR vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 2(1), JABALPUR

ITA 148/JAB/2024Status: DisposedITAT Jabalpur06 March 2026AY 2014-15Bench: SHRI ANADEE NATH MISSHRA (Accountant Member)6 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The ITAT set aside the CIT(A)'s orders and remanded both appeals back to the Assessing Officer. The tribunal directed the AO to pass de novo orders after proper factual verification and providing the assessee a reasonable opportunity to be heard, as the issues required further examination.

What were the facts?

The assessee, Krishi Upaj Mandi Samiti Narsingpur, filed two appeals against the CIT(A)'s orders for AY 2014-15. The first appeal challenged the rejection of a rectification application under Section 154, claiming full income exemption under Section 10(26AAB). The second appeal contested disallowances made under Section 40(a)(iib) for Board Fee and under Section 43B for gratuity and pension expenses.

What were the issues?

The key legal issues were the applicability of income exemption under Section 10(26AAB), the disallowance of Board Fee under Section 40(a)(iib), and the disallowance of gratuity and pension expenses under Section 43B.

Which sections of the Income-tax Act were involved?

Section 10(26AAB),Section 40(a)(iib),Section 43B,Section 154,Section 143(3),Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “SMC”, JABALPUR

Before: SHRI ANADEE NATH MISSHRA

(A) Appeal vide I.T.A. No. 148/JAB/2024 has been filed by the assessee for assessment year 2014-15 against impugned appellate order dated 14.05.2024 (DIN & Order No.ITBA/NFAC/S/250/2024-25/1064842603(1) of learned CIT(A). The grounds of appeal are as under:

1.

Considering the fact that the income of assessee is fully exempt u/s 10(26AAB) of IT Act, learned CIT(A) grossly erred in confirming income assessed at Rs.26,95,550/- by AO by rejecting application of assessee u/s 154 for rectification of apparent mistake. Assessing and confirming income in the hands of assessee is a mistake apparent on record because income is fully exempt u/s 10(26AAB).

2.

Order passed by Learned CIT(A) rejecting application u/s 154 is bad in law an

The order continues below.

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