Revisionary order unsustainable as issue of exemption u/s 11 considered during scrutiny assessment

Narada Gana Sabha Trust Vs ITO (ITAT Chennai) ITAT Chennai held that the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue, because, the issue of exemption u/s.11 of the Act, has been considered by the AO while completing assessment u/s.143(3) of the Act. Thus, order passed by the CIT(Exemptions) u/s.263 of the Act unsustainable. Facts- The assessee’s Trust is a registered charitable Trust u/s. 12AA of the Income Tax Act, 1961 from AY 1976-77 onwards. The main objects of the Trust as per its Trust Deed dated 11.10.1973 is to promote science...