Income Tax Rule 2BBB Applies Prospectively from AY 2015-16: ITAT Ahmedabad

Dr. Babasaheb Ambedkar Open University Vs CIT (ITAT Ahmedabad) ITAT Ahmedabad held that Rule 2BBB of the Income Tax Rules, 1962 was introduced only from AY 2015-16 and the same is not applicable for AY 2014-15. Thus denial of exemption u/s. 10(23C)(iiiab) of the Income Tax Act unjustified. Facts- This appeal is preferred by the assessee, Dr. Babasaheb Ambedkar Open University, against the revisionary order passed by the Commissioner of Income Tax (Exemptions), Ahmedabad u/s. 263 of the Income Tax Act, 1961, dated 29th March 2024. The order under challenge revises the assessment order passed by...