Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
Assessee failed to file return of income and Form No. 10B before due date, resulting in denial of benefit u/ss 11 and 12. However, consistent judicial precedents, including Sarvodaya Charitable Trust, Shri Laxmanarayan Dev Shrishan Seva Khendra, and Sh. Rajkot Vishashrimali Jain Samaj cases, have held that exemption cannot be denied merely for delay in furnishing audit report in Form No. 10B, especially when authorities have discretionary powers to condone such delay. The Appellate Tribunal noted that the assessee filed Form No. 10B within the extended due date, and the denial of Section 11 benefit was due to incorrect factual appreciation. Consequently, the Tribunal directed the Assessing Officer to consider Form No. 10B and allow the exemption claim u/s 11.
Assessee failed to file return of income and Form No. 10B before due date, resulting in denial of benefit u/ss 11 and 12. However, consistent judicial precedents, including Sarvodaya Charitable Trust, Shri Laxmanarayan Dev Shrishan Seva Khendra, and Sh. Rajkot Vishashrimali Jain Samaj cases, have held that exemption cannot be denied merely for delay in furnishing audit report in Form No. 10B, especially when authorities have discretionary powers to condone such delay. The Appellate Tribunal noted that the assessee filed Form No. 10B within the extended due date, and the denial of Section 11 benefit was due to incorrect factual appreciation. Consequently, the Tribunal directed the Assessing Officer to consider Form No. 10B and allow the exemption claim u/s 11.
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