Law:

Section:

Section 11, read with sections 12A and 10(20), of the Income-tax Act, 1961 - Charitable and religious trust - Exemption of income from property held under (Late filing of documents) - Assessment years 2004-05 and 2005-06 - Upto assessment year 2002-03, assessee, a local authority, was enjoying benefit under section 10(20) - Later on, it decided to avail benefit of section 11 and applied for registration under section 12A - Registration was granted by Commissioner on retrospective basis with effect from 1-4-2003 - Meanwhile, assessment for assessment year 2005-06 was completed by Assessing Officer without allowing any exemption under section 11 - Assessee after receipt of registration under section 12AA obtained an audit report as required and same was filed along with Form No. 10 before Commissioner (Appeals) and claim for exemption was made for first time in respect of assessment year 2005-06 - Commissioner rejected said claim as said claim was not made in original return - Tribunal held that appellate proceedings before Commissioner were a continuation of assessment and, therefore, late filing of required documents would not desentitle assessee from benefits of section 11 - Whether order passed by Tribunal was justified - Held, yes [Para 4] [In favour of assessee] Circulars and Notifications : CBDT Circular No. 273, dated 3-06-1980 FACTS â–  The assessee was a local authority entitled to exemption under section 10(20) upto assessment year 2002-03. Thereafter, it applied for grant of registration under section 12A, before the competent authority to claim exemption under section 11. â–  Though the application was filed on 26-3-2007, the registration was claimed with effect from 1-04-2003. Said application was allowed by the Commissioner but the registration was granted prospectively, namely, from 1-04-2006. â–  The assessee was not satisfied with this partial relief and approached the Tribunal. â–  The Tribunal directed the Commissioner to condone the delay in filing the application and consider grant of registration with effect from 1-4-2003. In compliance with this order, the registration was granted by the Commissioner. â– …

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492