TaxTMI 
TaxTMI 
2025 (6) TMI 2125
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....23, date of order 30/12/2024. The impugned order emanated from the order of the CPC, Bengaluru (for brevity the "Ld. AO"), passed under section 143(1) of the Act date of order 08/03/2023. 2. The brief facts of the case are that the assessee is a registered public charitable trust and registered under section 12AB of the Act and under the Maharastra Public Trust Act, 1950. The assessee is engaging in furtherance of the education object and running "St. Gregorios High School" at Chembur. During the impugned assessment year, the assessee filed the return on 07/11/2022decalring total income amount to Rs. 5,65,824/-. The assessee claimed deduction under section 11(2) of the Act related its income over expenditure. Due to delay in filing ROI a....
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....2/2024 before us as alternative remedy. 3. During the argument before the bench, the Ld.AR submitted that the assessee has filed the alleged form with a delay of 31 days and the reason for the same was well explained before the Ld. CIT(A). But the Ld. CIT(A) rejected the petition on the ground of jurisdiction for condonation of delay of Form-10B. 4. The Ld. DR argued and fully relied on the orders of the revenue authorities on the record. 5. During the course of arguments before the Bench, the Ld. AR submitted that the reason for the delay in filing the return had been duly explained before the revenue authorities. It was contended that the individual responsible for managing the accounts and related financial matters is a senior c....
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....ation It is abundantly clear from the wordings of sub-section (2) of section 11 that it is mandatory for the person claiming the benefit of section 11 to intimate to the assessing authority the particulars required, under rule 17 in Form No. 10. If during the assessment proceedings the Assessing Officer does not have the necessary information, the question of excluding such income from assessment does not arise at all. As a matter of fact, the benefit of excluding this particular part of the income from the net of taxation arises from section 11 and is subject to the conditions specified therein. Therefore, it is necessary that the assessing authority must have this information at the time it completes the assessment. In the absenc....
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....0 taxmann.com 506 (Chandigarh - Trib.) Institution of Civil Engineers Society v. ACIT (Exemptions) [2017] 81 taxmann.com 396 (Bombay) Commissioner of Income-tax-III, Pune v. Sakal Relief Fund Section 11 of the Income-tax Act, 1961 read with rule 17 of the Income-tax Rules, 1962 - Charitable or religious trust - Exemption of income from property held under (Accumulation of income) - Assessment years 2000-01 and 2001-02 - Whether for excluding an income of a charitable trust from net of taxation under section 11, intimation in Form 10 was to be filed with Assessing Officer before completion of assessment proceedings - Held, yes - Whether even if Form 10 was filed during re-assessment by assessee-trust, benefit of accumulatio....
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....immediately succeeding financial year and aforesaid accumulation of income under section 11(2) stood applied in immediately succeeding year for purposes of objects and activities of assessee trust - Whether therefore, assessee would be entitled to deduction under section 11(2) as claimed - Held, yes [Para 8.19] [In favour of assessee]. [2014] 49 taxmann.com 315 (Allahabad) Commissioner of Income-tax v. Moti Ram Gopi Chand Charitable Trust Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Accumulation of income) - Assessment year 2008-09 - Whether benefit of exemption under section 11 is available on setting apart of 85 per cent amount to be spent in next ....
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....y the assessee are allowed. Consequently, the addition of Rs. 56,42,973/- made by the Learned Assessing Officer stands deleted." 6. We have heard the rival submissions and perused the material available on record. It is observed that the assessee filed Form 10B with a delay of 31 days, although the ROI was filed within the extended due date. It is a settled position in law that where the assessee has satisfactorily explained the reason for the delay and has complied with the other procedural requirements for claiming exemption, the benefit should not be denied on mere technical grounds. In the present case, during the processing of the return under section 143(1) of the Act, the said form was already available on record, and the Assessin....