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2022 (2) TMI 775 - AT - Income TaxExemption u/s 11 - disallowing exemption and treating the gross receipts and corpus donation as taxable income, though the appellant trust is registered/s 12A and the appellant Trust had electronically furnished Form No.10B on the portal of the income Tax Department - HELD THAT:- There is no dispute that assessee is a registered under section 12A. We find that filing return of income assessee claimed exemption under section 11 of the Act and CPC/Assessing Officer disallowed the said exemption vide intimation dated 11.05.2020. On appeal before Ld. NFAC/CIT(A) the action of CPC/Assessing Officer was upheld by taking view that Form-10B as required by under Rule-17 of income-tax Rule, 1962 was not furnished. We find merit on the submission of assessee that the assessee has furnished its audit report under section 12A(1)(b) as required under Rule 17B of Income Tax Rule, 1962 prior to due date of filing its return of income on 26.08.2019. The objection of Ld. NFAC/CIT(A) that report is filed subsequently is misplaced, in fact, the date mentioned on the right side of screen shot is the date of printing the document on 10.02.2022, in fact it was uploaded on the portal of department on 26.08.2019. Considering that assessee has furnished its audit report under Form-10B well within time and the intimation u/s 143(1) is issued without verification of fact. Similarly, Ld. NFAC/CIT(A) has also not verified the fact that about the furnishing required audit report, the appeal of assessee is allowed. The CPC/Assessing Officer is directed to allow the necessary exemption under section 11 of the Act. We order accordingly.
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