https://www.taxtmi.com/caselaws?id=434963 The Tribunal allowed the deduction claimed by the Trust for application of funds and accumulation under section 11(1) of the Income-tax Act, 1961. The denial by the CIT(A) was deemed unjustified as the delay in filing Form 10B was condoned by a CBDT Circular for the relevant assessment years. The Tribunal held that the tax liability calculation, including interest under sections 234B and 234C, was incorrect without considering the allowed deduction, ultimately ruling in favor of the assessee and overturning the CIT(A)'s decision. en-us Wed, 08 Feb 2023 00:00:00 +0530 Thu, 09 Mar 2023 08:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434963 The Tribunal allowed the deduction claimed by the Trust for application of funds and accumulation under section 11(1) of the Income-tax Act, 1961. The denial by the CIT(A) was deemed unjustified as the delay in filing Form 10B was condoned by a CBDT Circular for the relevant assessment years. The Tribunal held that the tax liability calculation, including interest under sections 234B and 234C, was incorrect without considering the allowed deduction, ultimately ruling in favor of the assessee and overturning the CIT(A)'s decision. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434963