TaxTMI 
TaxTMI 
2024 (10) TMI 99
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....rkar through video conference with learned advocate Mr. Manya Anjaria for the respondent. 2. By this Appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act'), the appellant-Revenue has proposed the following questions as substantial questions of law arising out of order dated 19th May, 2023 passed by the Income Tax Appellate Tribunal-Ahmedabad, 'C' Bench (for short 'the Tribunal') in ITA No. 410/Ahd/2022 for Assessment Year 2017-18: "(i) Whether in the law and facts and circumstances of case, Hon'ble Income Tax Appellate Tribunal was right in holding that furnishing of audit report in form 10B is a procedural provision in spite of specific provisions of clause (b) of sub-section (1) of Section 12A of the I....
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....see did not respond to the same. 3.3. The CPC processed the return under Section 143 (1) of the Act on 24.03.2019 denying the benefit of exemption under Section 11 of the Act to the assessee and determined the tax of Rs. 1,52,42,281/-. 3.4. Being aggrieved by this, the assessee filed Aappeal before the CIT(A). After filing of the Appeal, the assessee electronically uploaded Form 10B on 27.02.2021. During the appellate proceedings, the assessee admitted that there was a procedural delay in furnishing Form 10B and the delay was on account of various technical issues. 3.5. The CIT (A) vide order dated 02.09.2022 allowed the Appeal of the assessee stating that if audit report under Section 12 (1) (b) of the Act is filed at any stage be....
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....on) the assessee had produced the audit report after processing the return under Section 143 (1). This Court in the said order has observed that the approach of the authority in these type of cases should be equitable, balancing and judicious. Technically speaking, respondent No.2 might be justified in denying the exemption under Section 11 of the Act by rejecting such condonation application, but an assessee, which is a public charitable trust for past 30 years which substantially satisfies the conditions for availing such exemption, should not be denied the same merely on the bar of limitation especially when the legislature has conferred wide discretionary powers to condone such delay . Applying the said principle, the petition is allowe....
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....Wipro Limited in Civil Appeal No.1499 of 2022 would not be applicable in the facts of the case, as in the facts of the present case, the assessee has claimed the exemption under Section 11 read with Section 12A (1) (b) of the Act which required the assessee to file Audit Report in Form of 10B of the Act which has nothing to do with claiming 100% exemption of total income in respect of newly established 100% Export Oriented Undertakings under Section 10B of the Act. Section 10B (8) of the Act requires the assessee to file an undertaking before the due date of furnishing of return of income under sub-section (1) of Section 139 of the Act before the Assessing Officer in writing that the provision of Section 10B of the Act may not be made appli....