2022 (2) TMI 775

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....20. The assessee has filed present appeal by raising the following grounds:- "1) The CIT(A), NFAC erred in disallowing exemption u/s 11 and treating the gross receipts of Rs. 7,25,090/- and corpus donation of Rs. 65,000/- as taxable income, though the appellant trust is registered/s 12A of the Income Tax Act, and the appellant Trust had electronically furnished Form No.10B on the portal of the income Tax Department." 2. Brief facts of the case are that assessee is a public charitable trust, having registration under section 12AA of the Act. The assessee filed its return of income for the year under consideration i.e. assessment year (AY) 2019-20 on 26.08.2019. The assessee in its computation of income claimed exemption under section 11 o....

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....ny comment on non-filing of Form-10B/10BB as required under section 12A r.w.s. 17B and confirmed the order of CPC / Assessing Officer. Further aggrieved assessee has filed present appeal before the Tribunal. 3. We have heard the submissions of Ld. Authorized Representative (AR) of assessee and Ld. Commissioner of income -tax - Departmental Representative (CIT-DR) of the Revenue. The Ld. AR of the assessee submits that before filing return of income for the year under consideration AY 2019-20, the assessee uploaded the audit report on Income-tax portal vide acknowledgement No.892344761260819 on 26.08.2019. The Ld.AR of the assessee submits that copy of acknowledgement, return of income with computation of total income and registration under....

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....on under section 11 of the Act and CPC/Assessing Officer disallowed the said exemption vide intimation dated 11.05.2020. On appeal before Ld. NFAC/CIT(A) the action of CPC/Assessing Officer was upheld by taking view that Form-10B as required by under Rule-17 of income-tax Rule, 1962 was not furnished. 6. Before us Ld. AR of the assessee vehemently submits that before filing, assessee furnished report under Form-10B on 26.08.2019 at the time of filing of return and furnished acknowledgement of furnishing such report. Ld. AR of the assessee also vehemently submitted that report From-10B is in uploaded of Department and the lower authorities disallowed the exemption without verifying it's on record. We find merit on the submission of Ld. AR o....