{"id":35038,"date":"2023-07-07T01:30:46","date_gmt":"2023-07-06T20:00:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=35038"},"modified":"2023-07-21T06:01:12","modified_gmt":"2023-07-21T00:31:12","slug":"sec-111a-of-the-act","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/sec-111a-of-the-act\/","title":{"rendered":"SEC.11(1A) of the Act."},"content":{"rendered":"<p>Assessee is Charitable trust registered U\/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of\u00a0 lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u\/Sec. 11(2). Intimation received U\/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u\/Sec. 11(2). Assessee Trust has filed rectification u\/sec. 154 mentioning the error happened while filling Return of Income also explained that throughoversight exemption is claimed u\/Sec. 11(2) and not 11(1A) since invested the amount in Fixed deposit more than 12 month and same has been rejected on the ground that assessee trust has not uploaded form 10 . Assessee filed an appeal against the order U\/sec. 154 and CiT a has allowed the appeal on the ground that assessee has invested amount received on sale of lease hold rights in FD with Bank more than 12 months u\/Sec 11(1A) of the Act.<\/p>\n<p>Whether CIT A is right and whether assessee can defend the order of CIT A .\u00a0 Pl guide.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[34,1007],"class_list":["post-35038","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-charitable-trust","qa_tag-lease-right"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/35038","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=35038"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=35038"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=35038"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=35038"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=35038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}