Furnishing return of income is not mandatory for claiming exemption u/s 10(23C)(iiiad) if gross receipts less than 1 crore

Brief of the case: The ITAT Chandigarh in the case of Mahabir Educational Welfare Society vs. DCIT held that for claiming exemption u/s 10)(23C)(iiiad) filling of return of income as per the law applicable for AY 2005-06 and 2006-07 was not mandatory as the gross receipts not exceeded Rs. 1 crore and therefore, reopening the assessment alleging the non-furnishing of return as a reason to believe that income has escaped assessment is not valid in law. Facts of the case: The assessee an educational society applied for registration u/s 12AA. The Assessing Officer noted from the financial stateme...