Denial of exemption u/s. 11 by CPC in rectification petition not justified: ITAT Ahmedabad

ITO (Exemption) Vs Shree Umiya Education Trust (ITAT Ahmedabad) ITAT Ahmedabad held that denial of exemption u/s. 11 by CPC in the rectification petition not justified since the same was allowed in earlier proceeding and it is settled position of law that debatable issues cannot be done in rectification proceedings. Facts- The assessee is an educational institution registered u/s. 12AA enjoying exemption u/s. 11 of the Act. For the Asst. Year 2015-16, assessee filed its original Return of Income on 29-09-2015 along with Audit Report in Form 10B claiming exemption u/s. 11 of the Act and declari...