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2022 (3) TMI 470 - AT - Income TaxExemption u/s 11 - assessee had filed the “audit report” in Form No. 10B in the course of proceedings before the first Appellate - whether assessee-trust being well within its rights had rightly filed the “audit report” in Form No. 10B in the course of proceedings before the CIT(A), therefore, it was duly entitled for claim of exemption u/s 11? - HELD THAT:- The manner in which the A.O in the course of the set-aside proceedings had dealt with the issue in hand clearly militates against the specific directions of the Tribunal. Be that as it may, we are of the considered view, that as in the case before us, the “audit report” of the assessee trust in Form No. 10B was there before the A.O in the course of de novo assessment proceedings, therefore, it was obligatory on his part to have considered the same specifically when there was clearly a direction by the Tribunal to the said effect. Before parting, we may herein observe, that the requirement for filing the “audit report” in Form No. 10B a/w the return of income had been made mandatory by the legislature in all its wisdom vide the Finance Act 2017 w.e.f. 01-4-2018 i.e from A.Y 2018-19 by inserting Clause (ab) to sub-sec.(1) of Sec. 12A of the Act. In the backdrop of our aforesaid observations, we find no infirmity in the view taken by the CIT(A) who had on the basis of his well reasoned observations, concluded, that there was no justification on the part of the A.O in declining the assessee”s claim of exemption u/s 11 for the reason, that it had delayed filing of its “audit report” in Form No. 10B in compliance with the provisions of Sec. 12A (b), more so, when the said Form No. 10B was available on his record during the course of the set-aside proceedings, i.e, while framing the assessment vide his order passed u/s 143(3) r.w.s 254 of the Act, and no defect therein could be detected by him. We, thus, in terms of our aforesaid observations uphold the view taken by the CIT (A). - Decided against revenue.
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