TaxTMI 
TaxTMI 
2025 (4) TMI 2011
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....69244327(1) for the assessment year 2015-2016, 2016-2017 & 2017-2018. 2. Shri P.R.Mohanty, FCA appeared on behalf of the assessee. Shri Sanjay Kumar, ld CIT DR represented on behalf of the revenue. 3. It was submitted by ld AR of the assessee that the assessee is a company promoted by the Government of Odisha. It was the submission that the company's accounts were audited by statutory auditors. It was the submission that the assessee had filed his return of income on 31.03.2017 and Form 9A of the Act for the assessment year 2015-2016 on 30.03.2017. It was the submission that the same was filed belatedly as its accounts were delayed on account of statutory audit. It was the submission that the assessment came to be completed u/s.143(3)....
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....rmation as sought by you a) The assessee has merely furnished the P&L account stating that the fund was utilized for its objects. Compliance: The details of expenditure wise GL was never asked by AO earlier. Hence, not furnished. However, it is now attached at Annexure 1 b) The assessee has not furnished the type and nature of activities conducted over and above its regular activities, which were carried out for utilizing the said funds. Compliance The company has been incorporated for promotion of sports in the state of Odisha. It was explained to AO earlier that "The main objects of the assessee board are To undertake talent search, promotion of & participation in welfare schemes like health insurance, ....
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....t for future expenses and thereby chose to elect the option granted u/s 11(2) of the Income Tax Act 1961. The amount referred in this regard was invested in the mode specified u/s 11(5). At the time of filing of Income Tax Return the option under explanation 2 to sub-section (1) of section 11 was exercised and consequently, form-9A (Copy Enclosed) was filed. It may be seen from the subsequent year account i.e AY 2017-18 that we have spent expenses in excess of income by Rs. 3,30,06,672/- indicating that money set apart was spent in the subsequent year. (Copy of audited P& L Attached). As during the subsequent assessment year the assessee has applied a sum of Rs. 3.30,06,672/- for attaining the object of the company which i....
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....1 distinguished 5. Ld. AR also placed reliance on the decision of the coordinate bench of the Tribunal in the case of ITO Vs. Takshshila Foundation (NGO), reported in (2024) 208 ITD 677 (Ahd), wherein it has been held as follows:- INCOME TAX OFFICER vs. TAKSHSHILA FOUNDATION (NGO) ITA No. 118/Ahd/2024 & Cross Objection No. 8/Ahd/2024; Asst. yr. 2022-23 Date of Decision 2nd July, 2024 Source (2024) 38 NYPTTJ 1345 (Ahd): (2024) 208 ITD 677 (Ahd) Charitable trust-Exemption under s. 11-Rejection on account of delay in iling Form 10A/10B-Not correct-Procedural requirements like filing Form 10B should not override the substantive claim of exemption, when the assessee has substantially complied with the requirements-R....
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....e show cause notice the issues may be restored to the file of AO for readjudication. Ld. CIT-DR vehemently supported the order of the ld. CIT(A) and that of the AO. 8. We have considered the rival submissions. A perusal of the facts of the present case clearly shows that the assessee has filed Form 9A and its return of income u/s.139(4) of the Act. The coordinate bench of ITAT Ahmedabad Tribunal, referred to supra, has clearly held that the requirement of filing Form 10/10B is merely directory in nature and failure to furnish Form 10/10B before due-date prescribed under s. 139(1) cannot be so fatal so as to deny they very claim of exemption under s. 11(2) especially when Form 10/10B was available on the record when the intimation was pas....