https://www.taxtmi.com/caselaws?id=751933 The ITAT Surat dismissed the Revenue's appeal regarding exemption under section 11. The assessee filed its return after the due date under section 139(1) but submitted Form 10B within the prescribed time for audit reports. The ITAT upheld the CIT(A)'s decision allowing the deduction, relying on the Bombay HC ruling in Tulsidas Gopalji Charitable Trust that returns filed under section 139(4) are considered timely filed. CBDT circulars clarified that section 139 includes belated returns for section 11 benefits, and demands raised on this issue should be rectified. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751933 The ITAT Surat dismissed the Revenue's appeal regarding exemption under section 11. The assessee filed its return after the due date under section 139(1) but submitted Form 10B within the prescribed time for audit reports. The ITAT upheld the CIT(A)'s decision allowing the deduction, relying on the Bombay HC ruling in Tulsidas Gopalji Charitable Trust that returns filed under section 139(4) are considered timely filed. CBDT circulars clarified that section 139 includes belated returns for section 11 benefits, and demands raised on this issue should be rectified. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751933