TMI Blog2023 (11) TMI 397X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 11(2) of the I.T. Act 1961, on account of accumulation of income of the appellant trust, for the reason that the prescribed Form no.10 was not furnished before the due date of furnishing of return of income u/s 139(1) of the I. T. Act 1961, which action being unjustified, the benefit of exemption claimed u/s 11(2) may kindly be granted. 4. The appellant craves leave to add, alter, amend, delete and/or vary any of the above grounds of appeal at any time before the decision of the appeal. 2. Briefly stated facts necessary for consideration and adjudication of the issues at hand are : assessee trust being registered under section 12A of the Income Tax Act, 1961 (for short the Act ) and with Charity Commissioner of Bombay filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 139(4) of the Act. 6. In the backdrop of the aforesaid undisputed facts and circumstances of the case the sole question arises for determination in this case is as to whether: Audit report in form 10 filed by the assessee during the assessment proceedings is a sufficient compliance under the Act to extend the benefit of accumulation under section 11(2) of the Act? 7. This issue has already been decided by the Hon ble Supreme Court in case of Commissioner of Income Tax vs. Nagpur Hotel Owners Association (2001) 114 Taxman 255 (SC) as well as by the Hon ble High Court of Gujarat in case of Commissioner of Income Tax (Exemptions) vs. Bochasanwasi Shri Akshar Purshottam Public Charitable Trust (2019) 102 taxmann.com 122 (Guj). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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