Procedural lapse vitiates Section 143(1) Intimation against educational trust: ITAT Bangalore

Rotary Charitable Trust Vs ITO (ITAT Bangalore) Assessee, a charitable trust running an educational institution, filed an updated return u/s 139(8A), claiming exemption u/s 10(23C)(iiiac).  CPC, Bengaluru, issued a notice dated 26.12.2023 pointing out an incorrect exemption claim & provided 30 days to respond.However, just two days later, on 29.12.2023, CPC passed an intimation u/s 143(1), disallowing the exemption & treating the entire gross receipts (₹1.61 crore) as income, raising a demand of ₹1.74 crore.  CIT(A) upheld the CPC’s action, citing the assessee’s failure t...