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Form 10BB Validation Delay: ITAT allows Section 10(23C)(vi) Exemption
Case Law Details
- Case Name
- Krantidevta Savitribai Phule Shikshan Sanstha Vs ITO (Exemption) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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Krantidevta Savitribai Phule Shikshan Sanstha Vs ITO (Exemption) (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled in favor of Krantidevta Savitribai Phule Shikshan Sanstha, granting a tax exemption of ₹4.07 crore under Section 10(23C)(vi) of the Income Tax Act, 1961. The tribunal overturned the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], Faridabad, which had denied the exemption due to a procedural delay in validating Form 10BB. ITAT found that the delay in verification did not justify the denial of exemption, as the form was obtai...
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