MANTHAN FOUNDATION,HYDERABAD vs. DCIT., EXEMPTION CIRCLE-1(1), HYDERABAD

आदेश / ORDER Aggrieved by the order dated 24/03/2024 passed by the learned Commissioner of Income Tax (Appeals)- Na�onal Faceless Appeal Centre (NFAC), Delhi (“Ld. CIT(A)”), in the case of Manthan Founda�on (“the assessee”) for the assessment year 2022-23, assessee preferred this appeal. 2. Assessee is a trust. Its case is that while filing the return of income for the assessment year 2021-22, inadvertently it failed to file Form 10, which it filed the same belatedly, but before the assessment was finalised. Because of such lapse, CPC while processing the return, issued an intimation under section 143(1) of the Income Tax Act, 1961 (for short “the Act”) disallowing exemption claimed by the trust under section 11 (2) of the Act. Assessee preferred appeal before the Ld. CIT(A), but the Ld. CIT(A) by way of impugned order held that the AO-CPC rightly disallowed the assessee’s claim of exemption under section 11/12 of the Act in the absence of audit report filed after due date prescribed under section 139(1) of the Act, and accordingly dismissed the appeal of the assessee. 3. Hence the assessee filed this appeal contending that the requirement of filing Form 10/10B is merely directory in nature and failure to furnish the same before the due date