TaxTMI 
TaxTMI 
2024 (11) TMI 224
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....law, the Learned Commissioner of Income-tax (Appeals) [CIT(Appeals)] erred in confirming the denial of benefits of Section 11 to the Appellant by the Deputy Director of Income Tax, Centralized Processing Centre, Bangalore (herein after referred to as the AO) on the grounds that the Appellant did not furnish Audit Report in Form 10-B within the prescribed time. 2. The learned CIT(Appeals) failed to appreciate that mere delayed filing of the Audit Report in Form 10-B cannot be fatal in as much as the benefits of Section 11 cannot be denied on this solitary ground. The learned CIT(Appeals) failed to appreciate the ratio of various judicial pronouncements in this behalf. 3. The learned CIT(Appeals) failed to appreciate that the requirement ....
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....) and assessed the total income at Rs. 2,49,80,928/- by way of disallowing expenditure incurred/amount set aside and claimed as deduction u/s 11 of the Act amounting to Rs. 78,13,607/- and also by adding Rs. 72,00,000/- being amount accumulated/set aside u/s 11(2) of the Act on the ground that the assessee had not e-filed form No. 10B being audit report u/s 12A(1)(b) of the Act within the due date as specified. The extended due date of e-filing of Form No. 10B being audit report u/s 12A(1)(b) of the Act for the assessment year 2022-23 was 07.10.2022 and the assessee had e-filed Form No. 10B issued by the Chartered Accountant as on 07.11.2022, which is delayed by 31 days. 3. On further appeal, the Ld. CIT(A) has mainly upheld the disallowan....
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.... date. The said due date in the case of the assessee under the provisions of section 12A(1)(b) of the Act was 07.10.2022 however, the assessee has e-filed the said Form No. 10B on 07.11.2022 and thus, there was a delay of 31 days in filing such form on the Income-tax Portal. Therefore, the issue is merely for the condonation of the delay of the 31 days. We find that the Ld. CIT(A) has referred to Circular No. 16/2022 dated 19.07.2022 issued by the CBDT, where in the CBDT invoking powers u/s 119(2)(b) of the Act delegated the power for condoning the delay to the Pr. Chief Commissioner/Chief Commissioner or Commissioner of Income-tax as the case may be. The relevant circular is reproduced as under: "7.2 In this context, the Central Board of....
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.... the applicant was prevented by reasonable cause from filing such Form within the stipulated time. 4. Further, the Pr. Chief Commissioner / Chief Commissioner of Income- tax, as the case may be, shall preferably dispose the application within three months of receipt of the application." 6.2 The assessee stated that application for condonation of delay in filing Form No. 10B for the year under consideration was filed before the Commissioner of Income-tax (Exemption), Mumbai on 16.03.2023 and said application is still pending for disposal till date. However, we find that under the CBDT circular (supra) the concerned Commissioner of Income-tax is preferably required to dispose off the application within the three month of receipt of this ap....