Exemption u/s 11 Cannot Be Denied in u/s 143(1) Processing When Registration u/s 12AA Granted Retrospectively

ACIT Vs Bramas Industrial Service Association (ITAT Chennai) Exemption u/s 11 Cannot Be Denied in u/s 143(1) Processing When Registration u/s 12AA Granted Retrospectively The assessee, a non-profit industrial association incorporated under section 25 of the Companies Act, filed its return for AY 2019-20 declaring income of ₹10.50 lakh. While processing the return u/s 143(1), the CPC denied the exemption claimed u/s 11 and recomputed total income at ₹3.38 crore. During appellate proceedings, the assessee submitted that at the time of filing the return it had not yet obtained registration u/...