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Furnishing return of income is not mandatory for claiming exemption u/s 10(23C)(iiiad) if gross receipts less than 1 crore
Case Law Details
- Case Name
- Mahabir Educational Welfare Society Vs The DCIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06 to 2010-11
- Courts
- All ITAT, ITAT Chandigarh
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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...
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