Belated Form 10 filing does not automatically defeat accumulation claim under section 11(2) when record support exists.

Belated filing of Form 10 was treated as not fatal to a claim for accumulation of income under section 11(2) where the return was filed within the extended due date and the form was already on record during assessment. The Tribunal noted that judicial decisions had accepted delayed filing when sufficient cause existed and the claim was otherwise supported by the record. On these facts, the disallowance was not sustained and the Assessing Officer was directed to examine the belated Form 10 and allow the accumulation claim under section 11(2).

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Issues: Whether accumulation of income under section 11(2) could be denied solely because Form-10 was filed belatedly, though it was on record during the assessment proceedings.

Analysis: The return was filed within the extended due date, and Form-10 was available before the Assessing Officer during the assessment proceedings. The Tribunal noted that High Court and Tribunal decisions had accepted belated filing of Form-10 where sufficient cause existed and the claim was otherwise supported on record. On the facts, the delay in furnishing Form-10 was treated as not fatal to the claim for accumulation under section 11(2).

Conclusion: The disallowance was not sustained, and the Assessing Officer was directed to examine Form-10 filed belatedly and allow the accumulation claim under section 11(2), in favour of the assessee.

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