Section 12A(1)(b) Amendment: Returns Filed Under Sections 139(1) or 139(4) Deemed Compliant

Panchmurti Education Society Vs ITO (ITAT Nagpur) The case of Panchmurti Education Society vs. ITO involved an appeal against the order of the Commissioner of Income Tax (Appeals)-2, Vadodara, regarding the assessment year 2017–18. The primary issue was the rejection of tax exemption under Sections 11 and 12 of the Income Tax Act due to the delayed filing of the income tax return. The assessee argued that the requirement for timely filing was not applicable for availing exemptions in that assessment year. Additionally, the assessee highlighted that its delay in submitting the Audit Report (F...