TaxTMI 
TaxTMI 
2024 (2) TMI 602
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....s and approval under section 151(1) of the Act from the Commissioner of Income Tax (Exemptions), Mumbai. The Assessing Officer has reproduced the reasons for reopening at Page No. 1 of the assessment order, as per which Assessing Officer has recorded the reasons that as per ITD system assessee has not filed its Return of Income for A.Y.2010-11. It was found that assessee has received interest other than interest on securities and made a cash deposits of Rs.. 17,19,600/- in a saving Bank account. 4. Subsequently, notice u/s 148 was issued and served on the assessee. In response authorised representative of the assessee confirmed the receipt of notice issued under section 148 of the Act and filed return of income under section 139(1) of the Act dated 13.12.2013. Subsequently notices under section 143(2) and 142(1) of the Act along with questionnaire were issued and served on the assessee. In response authorised representative of the assessee attended and submitted the relevant information as called for. 5. The assessee Trust is Registered with the Director of Income Tax (Exemption), Mumbai under section 12A of the Act. It was submitted before Assessing Officer on 20.08.2017 tha....
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....the Act, he held that assessee is not eligible to claim deduction under section 11 of the Act. Accordingly, he brought the total income to tax by recomputing the income of the assessee as under: - Rs.. Income from other sources 36,90,204 Add: interest income (as discussed above) 6,557 36,96,791 Less Establishment expenses 14,45,815 Less: Depreciation (As discussed above) 4,20,932 10,24,883 Total income 26,71,908 Rounded off under section 288A 26,71,910 10. Aggrieved with the above order, assessee preferred appeal before the Ld. CIT(A) and made a submission that assessee has filed its return of income after the due date of filing of return i.e., 31.03.2012. However, the assessee has furnished the return of income on 13.12.2013 and audit report on 25.11.2013 in Form 10B. It was submitted before Ld. CIT(A) that the filing of the return of income without audited report is not intentional and Commissioner of Income Tax (Exemption) has power to condone the delay and relied on case law to make a plea that de....
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.... 2.3. The Appellant trust had its Books of Accounts ready on 27.08.2010, which indicates it had no intention to escape the Income earned during P.Y. 2009-10. In fact, the appellant trust tried to file its return of Income for A.Y. 2010-11, but failed to file the same on timely basis because of lack of proper professional guidance. 2.4 The Appellant trust states that it had already got condonation of delay in filing of Form No. 10 i.e., for the amount accumulated u/s 11(2) of the Income Tax Act, 1961 for A.Y. 2011-12. The facts relating the delay in filing of Form 10 are exactly the same as for the Audit Report of A. Y. 2010-11. Copy of order condoning the delay in filing of Form 10 for A.Y. 2011-12 is enclosed herewith at Exhibit -A. The Appellant Trust prays that considering the above grounds, the addition of Rs. 21,21,919/- merely on account of non-submission of Audit Report be deleted and benefit of Section 11 be granted accordingly." 13. At the time of hearing, Ld.AR of the assessee brought to our notice Form 10AC in support of the Registration under section 12A(1) of the Act registered in the name of the assessee. A copy of the same was taken from I.T Po....
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....bmissions made by the Ld. AR. 16. Considered the rival submissions and material placed on record, we observe from the record that Assessing Officer has issued notice under section 148 of the Act with the observation that assessee has not filed its return of income for the relevant assessment year i.e., 2010-11 on 31.03.2017 and the assessment was completed on 24.11.2017. However, we observe that assessee has submitted the evidences before Assessing Officer that assessee has filed its return of income on 13.12.2013. Assessing Officer observed that even though assessee has filed the return of income on 13.12.2013, However, the return filed by the assessee is beyond the period of limitation under section 139(4A) of the Act i.e., assessee should have filed the return of income on 31.03.2012. The Assessing Officer invoked the provisions of section 12A(1)(b) of the Act as per which assessee has failed to get its accounts audited and furnish the return of income along with the audited report, in case of failure the assessee is not eligible to get the exemption under section 11 of the Act. 17. In appeal before Ld. CIT(A), assessee has submitted that filing the audit report along with....