Wrong Form 10BB Entry Leads to Denial of Section 11 Exemption

RCS Associates Charitable Trust Vs ITO Exemption (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated appeals for AYs 2023-24 and 2024-25 filed by a charitable trust against CPC adjustments made under section 143(1) denying exemption under sections 11 and 12. For AY 2023-24, the CPC restricted the claim of application of income after relying on Form 10BB, where the auditor had erroneously reported that a substantial portion of expenditure was applied out of accumulated income of earlier years instead of current-year income. The Tribunal held that CPC w...