Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (2) TMI 532 - ITAT AHMEDABADAdjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B one month prior to the due date of filing of return of income u/s 139(1) - procedural v/s mandatory requirement - assessee pleaded as requisite Form 10B had been prepared much in advance i.e. 70 days prior to the filing of the return, but had not been filed by the assessee since its income was below the taxable limit. HELD THAT:- Since the failure to file Form No.10B was the only reason for the adjustment made to the return of income of the assessee subjecting its entire income to tax on the filing of the Form 10B to the ld. CIT(A), the assessee ought to have been allowed its claim of exemption to its entire income. As in the case of Association of Indian Panelboard Manufacturer [2023 (3) TMI 1374 - GUJARAT HIGH COURT] has categorically held that filing of Form 10B alongwith the return of income is only a procedural requirement and cannot be treated as mandatory requirement for the purpose of claiming exemption u/s 11 & 12 of the Act and even if filed at a later stage the assessee is entitled to exemption claimed. As in the case of Shree Bhairav Seva Samiti [2022 (12) TMI 445 - ITAT MUMBAI] allowed assessee’s claim to exemption u/s 11 as held that even if form 10B is filed at a later stage exemption cannot be denied u/s 11. Thus no hesitation in holding that the assessee’s claim of exemption to its entire income u/s 11 of the Act is to be allowed. The AO/CPC is accordingly directed to delete the adjustment made in the intimation u/s 143(1) - Decided in favour of assessee.
|