TaxTMI 
TaxTMI 
2023 (1) TMI 816
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....ssue are stated in brief. The assessee is a charitable trust registered both with Charity Commissioner and also under Income Tax Act. For the year under consideration, the assessee filed its return of income belatedly on 30.3.2017. The assessee also filed audit report in Form 10B on 30.3.2017 itself, i.e. alongwith the return of income. Since the audit report was filed belatedly beyond the due date prescribed u/s 139(1) of the Act, the Assessing Officer rejected the claim for deduction under section 11 of the Act, being the amount of Rs.7,74,590/- that could be accumulated under section 11(1)(a) of the Act. 3. Before learned CIT(A), the assessee submitted that the deduction claimed under section 11(1)(a) of the Act is a general deduction a....
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....andatory that the audit report should be filed before the due date specified in section 44AB of the Act. Prior to that the requirement is that the audit report is required to be filed alongwith return of income. He further submitted that the assessee, in the instant year, has filed the audit report in Form 10B alongwith the return of income. Accordingly, he submitted that both the Assessing Officer and learned CIT(A) were not justified in rejecting the claim for exemption under section 11(1)(a) of the Act. 6. The Learned DR, on the contrary, supported the order passed by learned CIT(A). 7. We have heard the rival contentions and perused the record. From the assessment order, we noticed that the assessee has filed audit report in Form 10B ....
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.... the Explanation below subsection (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form" duly signed and verified by such accountant and setting forth such particulars as may be prescribed. (B) EXTRACT OF THE PROVISIONS OF SECTION 12A(1)(B) OF THE INCOME TAX ACT, 1961, AS THEY STAND APPLICABLE FOR ASSESSMENT YEAR 2020-21 &ONWARDS: 12A.(1) The provisions of section 11 and section 12 shall not apply in relation to the income of any trust or institution unless the following conditions are fulfilled, namely: (a) ............... (b) where the total income of the trust or institution as computed under this Act ....