Tribunal sets aside assessment, remands for fresh decision emphasizing taxpayer's right to be heard.

The Tribunal allowed the appeal for statistical purposes, setting aside the assessment and impugned orders. The case was remanded to the Assessing Officer for a fresh decision, emphasizing affording the Assessee a reasonable opportunity to be heard and considering the filing of Form No. 10 with the revised return.

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Issues Involved:
- Filing of Form No. 10 electronically within the due date specified u/s. 139(1) of the Act for accumulation of income u/s. 11 and 13.
- Condonation of delay in filing Form No. 10.
- Interpretation of legal provisions regarding accumulation of income and submission of Form No. 10.
- Applicability of Circulars issued by CBDT for belated applications of Form No. 10.
- Consideration of case laws and judicial precedents regarding filing of Form No. 10.

Analysis:
1. Filing of Form No. 10: The case involved a dispute regarding the mandatory requirement of filing Form No. 10 electronically within the prescribed time frame for accumulation of income under sections 11 and 13 of the Act. The Assessee failed to file the form within the due date specified u/s. 139(1) of the Act, leading to the Assessing Officer treating the shortfall as deemed application. The Assessee contended that the form was filed with the revised return u/s. 139(4) of the Act, citing ignorance about the new provisions introduced from A.Y. 2016-17 onwards.

2. Condonation of Delay: The Assessee sought condonation of delay in filing Form No. 10, relying on Circulars issued by the CBDT authorizing the Commissioners of Income Tax to admit belated applications for A.Y. 2016-17. The Assessee argued that the delay was due to genuine hardships and lack of awareness about the new electronic filing requirements, which were introduced for the first time.

3. Interpretation of Legal Provisions: The Tribunal considered the legal provisions amended by the Finance Act, 2015, and the requirement of filing Form No. 10 electronically as a condition for accumulation of income under sections 11 and 13. The Tribunal also analyzed the provisions of section 139(9) of the Act and the implications of not filing Form No. 10 within the stipulated time frame.

4. Applicability of Circulars: The Tribunal examined the Circulars issued by the CBDT, specifically Circular No. 7/2018, which empowered the Commissioners of Income Tax to entertain belated applications for Form No. 10. The Tribunal assessed whether the Assessee met the criteria of reasonable cause for the delay in filing the form and whether the accumulated amount was invested as per the requirements of the Act.

5. Case Laws and Precedents: The Tribunal considered various judicial precedents, such as the decisions of the Hon'ble Apex Court and High Courts, regarding the filing of Form No. 10 at different stages of assessment proceedings. The Tribunal analyzed the principles of substantial compliance with statutory requirements and the relevance of furnishing necessary documents during the assessment process.

Conclusion:
The Tribunal allowed the appeal filed by the Assessee for statistical purposes, setting aside the assessment order and the impugned order. The case was remanded to the Assessing Officer for a fresh decision, considering the filing of Form No. 10 along with the revised return of income. The Tribunal emphasized affording the Assessee a proper and reasonable opportunity to be heard, taking into account the circumstances and the due diligence shown by the Assessee in rectifying the filing error.

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