2022 (10) TMI 1158

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....tion u/s. 11 of the Act. The assessee filed its return of income for the year under consideration on 23.02.2021 claiming the benefits u/s 11 of the Act. The return was accompanied with the audit report in form No.10B. Form No.10 was also filed before the due date of filing of return of income showing accumulation of income of Rs.34 lacs. 4. The return was processed u/s. 143 (1) of the Act but the benefit of section 11 was not allowed and gross receipts of Rs.8559512/- has been taxed. 5. The assessee challenged the order before the CIT(A). It was brought to the notice of the CIT(A) that the return of income was filed on 23.02.2021 and the due date as extended was 15.02.2021. 6. The assessee claimed that the return was filed before 3....

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.... Hon'ble Supreme Court by which the Hon'ble Supreme Court has extended the period of limitation across board, I am of the opinion that the delay of 7 days deserves to be condoned. In any case the return was filed before 31.03.2021 which is the last date for filing a belated return of income. It would be pertinent to refer to the above CBDT Circular which is as under :- 10. In my considered opinion the language of the aforementioned Circular is very clear and unambiguous in so far as the return of income filed u/s. 139 of the Act is concerned. Section 139 has several sub sections (1), (2), (3), (4), (4a), (5). I am of the considered view that if the return is filed within the specified time limit of sub section of 139 would be eligible fo....

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....time allowed u/s 139 of the Act. The assessee has filed ITR on 23.02.2021 before 31.03.2021 within the time allowed u/s 139 of the Act. The assesse contends that the circular are binding on the department and should have been followed. 3. The assessee contends that the powers of CIT(A) are co-terminus with that of the AO, he can do what the AO has not done or could not do. Thus the CIT(A) should have granted relief u/s 11 by following the beneficial circular of the CBDT. 4. The CIT(A) has erred in not condoning the delay in filing of return of income, by 7 days, following the Hon'ble Supreme Court decision on limitation, issued from time to time for taking lenient view during Covid 19 pandemic. The appellants pray....

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....n (s) received on above mentioned subject stating that while processing of ITR-7 for the Document 4 A.Y. 2018-19, in respect of the belated returns filed u/s 139(4) of the Income Tax Act, 1961 (Act), the following is being communicated u/s 143(1)(a) of the Act:- "As per section 12A(1)(ba) of the Income-tax Act, 1961 the person in Receipt of the income has furnished the return of income for the previous year in accordance with the provisions of sub-section (4A) of section 139, within the time allowed under that section. Otherwise, the exemption u/s 11 i.e. sr. no. 4(i) and 4 viii in schedule Part BTI is not allowed" Based on this, exemption u/s 11 of the Act has been denied to otherwise eligible trust, ther....

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.... of the Income-tax Act, if the total income without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount which is not chargeable to Income-tax. Amendment to section 12A of the Income-tax has been made so as to provide for additional condition that the person in receipt of the income chargeable to income-tax shall furnish the return of income Within the time allowed under section 139 of the Income-tax Act." Document 6 Circular No. 6 /2020 Sub: F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 19 February, 2020 Condonation of delay under section 119(2)(b) of the Income-tax Act, 196....