Section 10(23B) Exemption cannot be denied for Mere Technical Violation

Barapur Gramodyog Vikas Samiti Vs ITO (ITAT Delhi) The AO while completing the assessment noticed that the assessee claimed exemption u/s 10(23B) of the Act as the assessee was engaged in the business of production, sale, etc. of Khadi and Products of Village Industries. The AO was of the view that in view of proviso to section 10(23B) of the Act Khadi and Village Industries Commission has to grant the approval for not more than three assessment years beginning with the assessment year next following the financial year in which exemption was granted. Therefore, AO was of the opinion that in th...