2025 (8) TMI 1098

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.... (hereinafter referred to as "AY") 2022-23. 2. The main grievance of the assessee is against the action of the Ld.CIT(A) disallowing the accumulation of income u/s. 11(2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') on the ground that Form 10B was not filed within the due date u/s. 139(1) of the Act. 3. The brief facts are that the assessee is a public Charitable Trust formed on 21.10.2010 u/s. 12AB of the Act has been regularly filing his return of income (RoI) along with the Audit Report in Form 10B. For AY 2022-23, the assessee had filed the RoI on 07.09.2022 along with Audit Report (Form 10B) admitting 'Nil' income. According to the assessee, while filing RoI & Audit Report, the assessee Trust uploaded Form 1....

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....or AY 2022-23 on 07.09.2022 u/s. 139(1) of the Act admitting 'Nil' income along with mandatory Form 10B i.e. Audit Report. In the RoI filed on 07.09.2022, the assessee Trust is noted to have duly disclosed under Schedule-I, the details of amount accumulated as per sec.11(2) of the Act as well as the same was duly disclosed in Form No.10B (Audit Report) at Column Nos.5 & 6 [refer Annexure-B] wherein we note that the sum of Rs. 54 lakhs has been clearly mentioned therein as amount accumulated as per sec.11(2) of the Act. It is further noted that the assessee Trust while filing the ITR on 07.09.2022 has uploaded the Audit Report in Form No.10B [which was well before the due date u/s. 139(1) of the Act] but the CPC in its intimation u/s. 143(1)....

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....ion of delay for belated filing of Form No.10B from the CIT (Exemption). However, we find that this findings of fact recorded by the Ld.CIT(A) is erroneous for the simple fact that the assessee had filed the Form 10B (audit-report) before the due date u/s. 139(1) of the Act i.e. on 07.09.2022 and the CPC has refused accumulation of income u/s. 11(2) of the Act only on the reason that Form No.10 [accumulation of income] has not been filed. Thus, we find that the Ld.CIT(A) has misdirected himself on the erroneous assumption that assessee Trust didn't file Form No.10B [i.e. Audit Report] when the correct fact is that assessee Trust had filed the Audit Report in Form No.10B along with the RoI on 07.09.2022. Thus, impugned action of the Ld.CIT(A....