Aggregate annual receipts below specified limit hence exemption u/s. 10(23C)(iiiad) cannot be denied for belated return

Institute Management Committee ITI Jhalawar Vs ITO (ITAT Jaipur) ITAT Jaipur held that denial of exemption u/s. 10(23C)(iiiad) of the Income Tax Act for non-filing of return before due date prescribed u/s. 139(1) not justified since aggregate annual receipts doesn’t exceed specified limit. Accordingly, exemption granted and appeal allowed. Facts- The issue involved herein is AO denied exemption under section 10(23C)(iiiad) of the Income Tax Act since the return of income for the assessment year was not filed on or before due date specified under section 139(1) of the Income Tax Act. CIT(A) d...