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2023 (7) TMI 1145 - AT - Income TaxClaim exemptions u/s 11 and 12 disallowed - delay in filing Form 10/10B - HELD THAT:- CIT(A) held that the AO erred in not allowing deduction to the /assessee for the amount accumulated under the provisions of section 11 - CIT(A) further observed that it was merely a procedural lapse on part of assessee to not file Form 10 alongwith return of income. CIT(A) thus observed that the assessee submitted the audit report at a later stage after filing the return of income and thus the benefit of exemption u/s 11 cannot be denied merely on account of delay in furnishing audit report. We found that the observation of the ld. CIT(A) does not suffer from any infirmity and we find no reason to interfere in the order of the ld. CIT(A). Non-indicating specific purpose/ purpose for which the fund was accumulated - Hon'ble Gujarat High Court, in the case of CIT(Exemptions) v. Bochasanwasi Shri Akshar Purshottam Public Charitable Trust [2018 (10) TMI 995 - GUJARAT HIGH COURT] held that lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2). Similar view was taken in the case of CIT v. Hotel & Restaurant Association [2003 (3) TMI 92 - DELHI HIGH COURT] CIT(A) respectfully following the above judgments, deleted the addition correctly - Decided against revenue.
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