1980 (2) TMI 114

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....the IT Act, 1961. The assessee, a public charitable trust, had accumulated a sum of Rs 40,740. An application under s. 11(2) was filed with the ITO on 3rd Jan., 1974 which was beyond the statutory time limit. The ITO, therefore, held that the income over expenditure shall be assessed as the income of the assessee. 2. The assessee challenged this order before the AAC and connected that s. 11(2) ....

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....major part of the amount has been deposited in the fixed deposit as required by law and s. 11(2)(b)(ii) had been complied with, the delay should be condoned, particularly, when the CIT had cancelled the levy of penalty for late filing the return accepting the assessee's plea for reasonable cause for the delay. Alternatively, it was pleaded that s. 11(2)(a) only provided for notice writing in the p....

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.... been complied with, the little delay in s. 11 (2)(a) should be held to be condonable and the assessee has made out a case for the condonation of the delay. We are also of the opinion that this was only a technical or venial breach of the provision of s. 11(2)(a) which deserves to be condoned. 5. We also agree with the learned counsel for the assessee that as held by the Madras High Court in 86....