Held that the assessment orders for the assessment years 2008-09 to 2011-12 showed that none of the material seized related to the assessment years concerned. The assessments for these assessment years were already completed or the date for issuance of notice under section 143(2) of the Act had already expired. Therefore, since there was no incriminating material found during the search for these assessment years, the Commissioner (Appeals) was justified in directing the Assessing Officer to grant the benefit of exemption under section 11 of the Act. (AY. 2008-09 to 2011-12)
Sri Basaveshwar Veerashaiva Vidyavardhak Sangha v. Dy. CIT (2022) 93 ITR 36 (SN) (Bang.)(Trib.)
S. 11 : Property held for charitable purposes-Search and seizure-Concluded assessment-Date for issuance of notice under section 143(2) of the Act had already expired-No incriminating material was found for the assessment years in question-Denial of exemption is not valid. [S. 132, 143(2), 153A]