2023 (11) TMI 397

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....e Revenue : Shri Ajeya Kumar Ojha, D.R. ORDER PER : KULDIP SINGH, JUDICIAL MEMBER: The appellant, M/s. Shree Swami Samarth Seva Kendra (hereinafter referred to as 'the assessee') by filing the present appeal, sought to set aside the impugned order dated 18.05.2023 passed by the National Faceless Appeal Centre(NFAC) [Commissioner of Income Tax (Appeals), Delhi] (hereinafter referred to as ....

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.... 3. The Hon. CIT (A) erred in upholding the addition of Rs. 31,84,320/- made by ld AO by disallowing the exemption claimed u/s 11(2) of the I.T. Act 1961, on account of accumulation of income of the appellant trust, for the reason that the prescribed Form no.10 was not furnished before the due date of furnishing of return of income u/s 139(1) of the I. T. Act 1961, which action being unjustified....

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....ee is not entitled for benefit of accumulation of income under section 11(2) of the Act to the tune of Rs. 31,84,320/- because form No.10 was furnished by the assessee beyond the due date of filing of income tax return as per section 139(1) of the Act. 3. The assessee carried the matter before the Ld. CIT(A) by way of filing appeal who has confirmed the addition by dismissing the appeal for wan....

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.... 6. In the backdrop of the aforesaid undisputed facts and circumstances of the case the sole question arises for determination in this case is as to whether: "Audit report in form 10 filed by the assessee during the assessment proceedings is a sufficient compliance under the Act to extend the benefit of accumulation under section 11(2) of the Act?" 7. This issue has already been decide....