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Facts
The assessee was denied deduction under Section 11 of the Income Tax Act due to late filing of the audit report in Form 10B. The CIT had condoned the delay in filing Form 10B.
Held
The Tribunal held that since the delay in filing Form 10B was condoned by the CIT under Section 119(2)(b) of the Income Tax Act, the impugned order of the CIT(A) was set aside.
Key Issues
Whether the assessee is entitled to deduction under Section 11 when the delay in filing Form 10B was condoned by the CIT?
Sections Cited
11, 119(2)(b), 143(1)
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Income Tax Appellate Tribunal, AHMEDABAD “SMC” BENCH
Before: Shri Sanjay Garg
आदेश/ORDER
The present appeal has been filed by the Assessee against the order passed by the Learned Commissioner of Income Tax, Appeal, Additional/Joint Commissioner of Income Tax (Appeal), Maysore [hereinafter referred to as “CIT(A)’] dated 22.10.2024 arising from the assessment order passed u/s. 143(1) of the Income Tax Act, 1961 (here-in-after referred to as “the Act”) relevant to the Assessment Year 2016-17.
The assessee was denied deduction u/s. 11 of the Income Tax Act because of late filing of audit report in Form 10B. The ld. counsel has produced the copy of order passed u/s. 119(2)(b) of the Income Tax, whereby, the ld. Commissioner of Income Tax has condoned the delay in the case of the assessee for delay in filing Form 10B. In view of this, the impugned order of the ld. CIT(A) is set aside and the matter is restored to the file of Assessing Officer to pass afresh assessment order after taking into consideration condonation of the delay in filing the Form 10B by the ld. CIT vide his order dated 19th May, 2010.
With the above observations, the appeal of the assessee is treated as allowed for statistical purposes.