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2023 (11) TMI 397 - AT - Income TaxBenefit of accumulation u/s 11(2) as Audit report in form 10 filed during the assessment proceedings - assessee has not filed form No.10 along with its income tax return as required u/s 139(1) but filed subsequently along with income tax return u/s 139(4) - HELD THAT:- This issue has already been decided in case of Commissioner of Income Tax vs. Nagpur Hotel Owners’ Association [2000 (12) TMI 99 - SUPREME COURT] as well as Bochasanwasi Shri Akshar Purshottam Public Charitable Trust [2018 (10) TMI 995 - GUJARAT HIGH COURT] So in view of the matter we are of the considered view that filing of audit report in form No.10 by the assessee on 23.12.2016 during the assessment proceedings as the assessment order was passed on 25.10.2018 is a valid compliance under the Act and as such seeking benefit of section 11 by the assessee on the basis of audit report is admissible under the law. AO as well as the Ld. CIT(A) have erred in not extending the benefit of section 11(2) for want of filing audit report in form 10 along with the return of income. So the AO is directed to extend the benefit claimed by the assessee under section 11(2) on the basis of audit report in form 10 filed on 23.12.2016 during the assessment proceedings subject to verification. Appeal filed by the assessee is allowed.
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