15 December 2023
Assessee is a Trust, running school whose gross receipt falls under Rs. 5cr.
For the a.y. 23-24 the assessee trust filed it's ITR u/s 139(4C) belatedly on 30.10.23 and claimed exemption u/s 10(23c)(iiiad).
In Schedule IE-4, following details were filled : Annual gross receipt - 50L Amount applied for objective - 48L Balance accumulated - 2L
In Part B2 of Part B - TI : exemption amount claimed u/s 10(23C)(iiiad) - 2L
Now, the assessee has received adjustment notice u/s 143(1)(a)(ii), which says : "Income due to disallowance of exemption under clauses of Section 10 entered at Sl No. 3 of Schedule OS is less than the difference between the "Gross receipts " in Sl. No. 3 of Schedule IE-4 & exemption claimed in Part B2 of Part B - TI. Hence the amount mentioned at Sl. No. 1(e) " Income due to disallowance of exemption under clauses of Section 10" in Schedule OS is recomputed accordingly.
Kindly suggest if the return filed by assessee is correct? Also what shall be done further in this case?
CAclubindia
