SHA KALIDAS PRAGJI CHARITABLE TRUST,MUMBAI vs. ITO EXEM. WARD 2(3), MUMBAI, MUMBAI

ITA 3032/MUM/2023Status: DisposedITAT Mumbai14 December 2023AY 2016-174 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the power to condone the delay in filing Form 10 vests with the Commissioner of Income Tax (Exemption). Since the assessee did not seek condonation from the CIT(E), the rejection of the claim by the lower authorities was justified.

What were the facts?

The assessee, a charitable trust, filed its return of income and Form 10 belatedly for AY 2016-17. The Assessing Officer rejected the claim for deduction of accumulated income under Section 11(2) due to the delayed filing of Form 10.

What were the issues?

Whether the claim for accumulation of income under Section 11(2) is valid when Form 10 is filed belatedly and the delay has not been condoned by the Commissioner of Income Tax (Exemption).

Which sections of the Income-tax Act were involved?

Section 11(2),Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Mumbai “SMC” Bench, Mumbai.

Before: Justice C.V. Bhadang (Rtd.) & Shri B.R. Baskaran (AM)

For Appellant: Shri Vimal Punmiya
For Respondent: Shri Sunny
Hearing: 14.12.2023Pronounced: 14.12.2023

Per B.R.Baskaran (AM) :-

The assessee has filed this appeal challenging the order dated 29-06- 2023 passed by Ld CIT(A), NFAC, Delhi and it relates to the assessment year 2016-17. 2. The assessee is aggrieved by the decision of Ld CIT(A) in rejecting the claim for deduction of accumulation of income u/s 11(2) of the Act.

3.

The facts relating to the issue are set out in brief. The assessee is a charitable trust registered u/s 12A of the Income tax Act. The assessee filed its return of income for the year under consideration on 20-10-2016, which was beyond the due date prescribed u/s 139(1) of the Act.The Ld A.R

2 Sha Kalidas Pragji Charitable Trust

submitted that th

The order continues below.

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