11 December 2023
Surplus income of Education Institution is claimed exemption u/s 10(23C)(iiiad) along with DEO’s proceedings. Whereas a notice was issued u/s 143(1)(a)(ii) and stated as follows “Income due to disallowance of exemption under clauses of section 10 entered at Sl. No. 1(e) of Schedule OS is less than the difference between the "Gross receipts" in Sl. No. 3 of Schedule IE-4 and 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” In reply to the above S.No.1(e) of schedule OS is filled with the amount of net receipts which claimed as exemption and filed revised return. Whereas, it shows error that schedule OS is not applicable in the case of exemption claimed u/s 10(23C)(iiiad). Please let us know how to resolve this issue.
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