TaxTMI 
TaxTMI 
2023 (3) TMI 349
X X X X Extracts X X X X
X X X X Extracts X X X X
....pellant, is opposed to law, weight of evidence, natural justice, probabilities on facts and circumstances of case. 2. The Appellant denies itself liable to be assessed at Rs.99 08,785 as against the returned nil income on facts and circumstances of case. 3. The CPC has erred in law in denying the Appellant's claim towards the application of sum of Rs. 97,48,271 towards the objectives of the trust holding that the Appellant has delayed in furnishing the Form-106 and further the learned CIT(A) has erred in upholding the same under the facts and circumstances of the case. 4. The learned CIT(A) has erred in law by upholding the denial of the Appellant's claim towards the accumulation within the meaning of the provisions of section....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ot form part of the income under the facts and circumstances of the case. 10. The CPC has erred in law in levying interest under the provisions of section 234B and 234C of the Act at Rs.6,91,560 and Rs.1,45,517 respectively under the facts and circumstances of the case. The CPC has further erred in law in determining the tax liability of the Appellant at Rs. 37, 18, 643 under the facts and circumstances of the case. 11. The Appellant craves leave to add, alter, delete or substitute any of the grounds urged above. 3. The assessee is a Trust and for the AY 2017-18, the assessee filed the return of income on 22.8.2017 declaring Nil income. During the impugned year, the assessee has received a sum of Rs.59,63,011/- and also corpus receipts....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2) 198 ITR 511 (Cal.). The assessee further submitted that the CBDT has issued a Circular No.10 (F.No.197/55/2018) dated 22.5.2019, condoning the delay in filing the audit report provided the same is filed before the due date for filing the return of income u/s 139(1) of the Act. Accordingly, the assessee submitted before the ld. CIT(A) that the assessee should be allowed deduction towards application and accumulation of funds as claimed. 6. The ld. CIT(A) dismissed the appeal of the assessee by stating that as per the above-mentioned circular, the Commissioner (Exemptions) is authorised to condone the delay in filing of Form No.10B up to 365 days for the AY:2017-18 and subsequent assessment years. In the present case, the assessee did not....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... We heard the rival submissions and perused the materials available on record. We will first look at the relevant extract from the CBDT circular which is as given below: "3. Representations have been received by the Board/field authorities stating that Form No. 10B could not be filed along with the return of income for AY 2016 17 and AY 2017-18. It has been requested that the delay in filing of Form No. 10B may be condoned. Previously, vide instruction in F.No. 267/482/77-IT(part. dated 9-2-1978. the CBDT had authorized the ITO to accept a belated audit report after recording reasons in cases where some delay has occurred for reasons beyond the control of the assessee. 4. Accordingly, in supersession of earlier Circular/Instruction issu....