2025 (3) TMI 864

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....intimation passed under section143(1) of Income Tax Act, 1961 (in short 'Act') dated 04.04.2023. 2. Brief facts of the case are that, assessee being an educational society filed its return of income admitting NIL income on 05.11.2022. The return was summarily processed under section 143(1) of the Act and the income was determined at Rs.3,60,53,149/-. The assessee was granted approval under section 10(23C)(vi) of the Act w.e.f. 22.06.2003. While filing the return of income for the impugned assessment year, the assessee disclosed gross receipts of Rs.3,60,53,149/- which includes income from main object for Rs. 3,56,71,028/- and assessee claimed to have spent towards his objects an amount of Rs. 3,07,47,649/- resulting in a surplus of Rs. 53,....

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.... submissions regarding the approval granted and reasons attributable for the delayed filing of the audit report. Ld. CIT(A) having not convinced with the veracity of the reasons in the absence of cogent evidences dismissed the appeal of the assessee. 4. Aggrieved by the order of the Ld. CIT(A), assessee is in appeal before us by raising the following revised grounds of appeal. "1. On the facts and in the circumstances of the case and in law the learned Commissioner of Income-tax (Appeals) erred in dismissing ground No. 1 without a word being said about that the CPC had not given an opportunity to rectify the defective return. 2. On the facts and in the circumstances of the case and in law the learned Commissioner of Income-tax (Appeal....

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....and sustained by the Commissioner of Income Tax (Appeals) of Rs. 3,60,53,149/- may be deleted." 5. The issue emanating from the grounds raised by the assessee is as follows: a. Delay in filing the Audit Report in Form 10B. b. Granting of approval under section 10(23C)(via)of the Act instead of under section 10(23C)(vi) of the Act. 6. On the issue of delay in filing of Form 10B, Ld. Authorised Representative [hereinafter "Ld.AR"] submitted that the CA has filed Form 10B within the due date 30.08.2022 whereas it could not be approved by the assessee due to technical glitches in the portal. Further, he submitted that the Form can be approved by the assessee was enabled on 28.09.2022 hence he pleaded that delay is not attributable to the....

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....'ble Mumbai ITAT, following the decision of Hon'ble Mumbai High Court in CIT vs. Mumbai Metropolitan Regional Iron & Steel Market Committee 378 ITR 103 has observed and held thus: 4.... 5. In my considered view non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bonafide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same. 6. The Hon'ble Bombay High Court in the case of CIT vs. Mumbai Metropolitan Regional Iron & Steel Market Committee (supra) has held that late filing of require....