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2012 (10) TMI 701 - PUNJAB AND HARYANA HIGH COURTExemption under Section 10(23C)(iv) - non filing of balance-sheet and income & expenditure accounts statement - Audit report was filed under Form 10B and not under 10BB - Petitioner was charging processing fees ranging from 0.1% to 0.5% of the project costs. - Held that:- Once the financial year 2011-2012 had started w.e.f. 01.04.2011 and only 26 days had passed, the rejection of the application for non-production of the audited balance-sheet and income and expenditure accounts for the assessment year 2011-2012 was not justified as there was still time available with the petitioner to get its accounts audited and file the return for assessment year 2011-2012. Charitable activity / purpose - held that:- petitioner had not been charging processing fees since 01.02.2009 which was the ground of rejection for earlier years. - The application fees received by the Board was from sale of application forms and not for income of the Board but were only incidental charges and reliance was placed upon advancement of the object of general public utility which falls under the charitable acts under Section 2 of the Act. - matter remanded back for reconsider these factors.
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