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53 orders · Page 2 of 2
The Tribunal held that the intimation issued under section 143(1) denying exemption was unsustainable because the assessee, an educational institution, had filed Form 10BB along with the return before the due date for AY 2017-18. The stricter requirement for filing Form 10B/10BB one month prior to the return came into effect only from April 1, 2021, and was not applicable to the impugned assessment year. The appeal of the assessee was allowed.
The Tribunal noted that the assessee had requested a revaluation of the property and provided affidavits regarding gifts which were not produced before the AO. The issues were restored to the file of the AO for readjudication after getting the property valued by the DVO and examining the gift issue.
The Tribunal condoned the delay after considering the reasons provided by the assessee. The Tribunal set aside the impugned order and remanded the case back to the Assessing Officer (AO) for a fresh assessment, directing the AO to provide an opportunity of being heard to the assessee.