Case Law Analysis
|Income Tax Appellate Tribunal
Section 10(46) IT Act | Pending CBDT Notification Does Not Bar De Novo Assessment: ITAT Mumbai Directs Fresh Adjudication on Exemption Eligibility
ITAT Mumbai ruled that the absence of a CBDT notification under Section 10(46) of the Income Tax Act does not preclude a de novo assessment of exemption claims. The Tribunal set aside the denial of exemption and directed fresh adjudication, keeping all grounds open, including the assessee's claim of being a 'State' instrumentality under Article 289. This ruling clarifies that procedural pendency cannot defeat substantive rights to exemption.