A authority formed in april 2018 has applied for the exemption u/s 10(46) and the same was granted from the FY 2019-20. However the authority has earned profit for 2018-19 and has not filled return for that period till date. whether the authority shall be liable for tax during 2018-19 and other penal provision if any
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Exemption under section 10(46) of itax act
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