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2020 (12) TMI 542 - AT - Income TaxExemption u/s 11 - disallowance of benefit of accumulation of income as per section 11(2) - denial of benefit of accumulation for delayed filing of Form No.10 - HELD THAT:- As decided in own case [2020 (9) TMI 277 - ITAT CHANDIGARH] if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be an irregularity but not illegality, if the assessee cures the defect during assessment proceedings, the assessee is entitled to the benefit of accumulation as provided u/s 11(2) of the I.T. Act ITAT has held in a number of decisions that the assessee can file Form No.10 at any time during assessment proceedings and which has to be considered for granting benefit u/s 11(2) of the Act and the non filing of the same is a mere irregularity and technical lapse which needs to be condoned - we hold, that the denial of benefit of accumulation for delayed filing of Form No.10 is not as per law .- Decided in favour of assessee.
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