{"id":22346,"date":"2021-10-15T17:40:20","date_gmt":"2021-10-15T12:10:20","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&p=22346"},"modified":"2021-10-16T09:19:36","modified_gmt":"2021-10-16T03:49:36","slug":"reassessment-proceedings-u-sec-148","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/reassessment-proceedings-u-sec-148\/","title":{"rendered":"Reassessment proceedings U\/Sec.148"},"content":{"rendered":"
    \n
  1. The assessee\u00a0 is a Charitable Trust engaged in running a Primary School\u00a0 solely for educational purposes. The only income earned is by the way of Tuition Fees from student and Interest income.<\/li>\n
  2. The assessee trust\u00a0 had its original return on 19.08.2016. and revised return of income for A.Y. 2016-17 on 26.06.2017, where there were lots of errors and the claims which were incorrect. such as assessee trust has claimed the the trust is registered U\/Sec.12AA by quoting incorrect registration number, when the trust was not having registered U\/Sec.12AA of the Act.<\/li>\n
  3. The\u00a0 AO served notice under section 148\u00a0 in response to which assessee has filed fresh return on 24.10.2019, claiming deduction u\/s 10(23C)(iiiad) of the Act, as the trust exists wholly for educational purposes and not for the purpose of profit.<\/li>\n
  4. The\u00a0 AO had not appreciated the return filed u\/s 148 by the appellant wherein the appellant had claimed that they are eligible for exemption u\/s 10(23)(iiiac) of the Act and had proceeded to treat the cash deposit amounting to Rs. 19,78,125\/- as unexplained money u\/s 69A of the Act and taxed as per provisions of section 115BBE of the IT Act,1961 passing the order u\/s 147 r.w.s 144B of the Act\u00a0 without appreciating various submissions made by the appellant from time to time.<\/li>\n
  5. Whether the Action of AO of Passing an order on the basis of return filed u\/s 139 of the Act and ignoring the return filed in response to notice u\/s 148 of the Act is correct and legally valid. kindly guide.<\/li>\n<\/ol>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[34,136,388],"class_list":["post-22346","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-charitable-trust","qa_tag-reassessment","qa_tag-school"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22346"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22346"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22346"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22346"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}