TMI Blog2024 (3) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... find any infirmity in the order passed by Ld CIT[A], the claim of the Revenue that onus was on the assessee to prove that receipts were on cost basis and income of the assessee was on cost basis for which full details were not submitted by the assessee. But it is seen that the assessment was conducted u/s. 143(3) of the Act and the assessee furnished all details before the AO. Therefore, the Ld CIT[A] held that such requirement of huge supporting evidences in remand proceedings is not called for when no specific instances has been pointed out in assessment order to prove to the contrary. In fact, not only the Hon'ble Supreme Court has dismissed revenue's appeal in AUDA [ 2022 (10) TMI 948 - SUPREME COURT] but also that of many other Gujarat Urban Development Authorities viz. Surat, Gandhinagar, Rajkot Development Authorities, etc., all of which are subjected to the same Act of Gujarat State Government and work under the Control and Rules stated therein as has been discussed in detail by the Hon'ble Gujarat High Court. In fact, co-ordinate Bench of this Tribunal in the case of Surat Urban Development Authority [ 2020 (4) TMI 755 - ITAT AHMEDABAD] has also referred to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to fathom as to what benefit would accrue to the petitioner by delaying the filing of Form 10. In our opinion the discretion conferred for condoning the delay was not correctly exercised by the Commissioner Income Tax. Decided in favour of assessee. Disallowance of addition of fixed assets - CIT(A) partly confirming the disallowance and directing to allow the same u/s. 11(1) of the Act after verification - HELD THAT:- Since the claim of benefit of section 11 is now allowed in favour of the assessee, the AO was directed to allow the same after verification as per law u/s 11(1) of the I.T. Act. The assessee could not demonstrate any infirmity in the order passed by the Ld CIT[A] and therefore the same does not require any interference. - Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Assessee : Shri Hardik Vora, A.R. For the Revenue : Dr. Darsi Suman Ratnam, CIT-DR And Shri Purushottam Kumar, Sr. D.R. ORDER PER BENCH :- These cross appeals are filed by the Revenue and the Assessee as against three separate appellate orders all dated 06.03.2023 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wherein the activities carried out of advancement of other General Public Utility in the nature of Trade/Commerce/Business and therefore the provisions of Section 2(15) read with proviso 1 2 were held to be applicable with the facts of the assessee s case. Therefore the A.O. denied exemption u/s. 11 12 of the Act and the assessed the income of the assessee at Rs. 40,51,98,900/- by making the following disallowances: (a) Revenue Expenditure Rs. 3,85,16,135/ (b) VUDA Development Charges Rs. 68,86,980/ (c) BMC Development Charges Rs. 1,60,89,732/- (c) Amenities fees Rs. 9,43,69,008/- (d) Impact fees Rs. 13,88,880/- (e) Addition to Fixed Assets Rs. 36,66,427/- 4.1. The Assessing Officer further noticed that on verification of e-filing portal, it is noticed that the assessee trust has not filed Form 10 and Form 10B electronically, before the due date of filing the Return of Income as per Rule 17(2) and 17(3) of the I.T. Rules. Further, it was not clear whether the assessee has invested its accumulated fund u/s. 11(2) of the Act in the manner prescribed u/s. 11(5) of the Act. Therefore the Assessing Officer held that the assessee trust is not eligible to claim exemption u/s. 11(2) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity. 5. Further, the assessee claimed that the decision of ITAT D Bench, Ahmedabad dated 05.02.2019 Order No: I.T.A. Nos 1692/Ahd/ 2017 for AY 2009-10, AY 2011-12, AY 2012-13, AY 2013-14 and AY 2014-15, which is of the case of the appellant itself wherein the decision was given in favour of the assessee and demand was reduced to Rs. Nil. 6. We draw your kind attention your Honour that the Revenue has gone appeal to the Jurisdictional High Court against Order No. 1.T.A. Nos 1692/Ahd/2017 dated 05.02.2019 for AY 2009-10, AY 201112, AY 2012-13, AY 2013-14 and AY 2014-15 which is under consideration. Further, it is mentioned here that demand was reduced to Rs. Nil is procedural process which comes out after giving effect of any decision of competent Authority/Appellate Authority/Jurisdiction High Court/Supreme Court. 7. In view of the facts and observations made above, there is no infirmity in the order of the Ld. AO and deserves to be upheld. Your Honour may decide the appeal of the assessee on merits as per your views. 6. The Ld CIT[A] called for a rejoind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is to only execute the activity on behalf of and as per the guidelines framed by the Gujarat Government The Fees structure decided by the VUDA are on the basis of circulars issued by the Government of Gujarat, the copies of the said circulars are attached herewith for your ready reference and kind perusal. The income of the VUDA comprise of Receipts of from various Fees, Charges, Sale of Land and other receipts like Interest, and the rates as stated hereinabove are decided by the Government The appellant is authorized by law to levy rates and charges, for the services they provide on pre determine basis and hence the assessee performs the objects of general public utility and they are not driven by profit motive The said major receipts of the VUDA and its nomenclature are in the following forms: 1- Service and Amenities Fees Service fees and amenities fees is collected for execution of works referred to in clause [(vi)-a) of sub-section (i) of Section 23 of the Act and for provision of other services and amenities at the rates as approved G.D.C.R. We are enclosing CPARTMENT herewith the guideline in which the rates are prescribed by the GOVERNMENT OF GUJARAT for collection of Am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , wherein housing flats are provided to the Economic Weaker sections of the society at affordable rates. The appellant is involved in the development of such residential and commercial projects in the Vadodara city and nearby areas. We would further like to state that in the process of development of such residential and commercial projects the land is allotted to VUDA through TP Schemes approved by the Government of Gujarat to the appellant to construct the project. The Government of Gujarat gives specific grant to the appellant which is to be utilized for the purpose of construction and development of the affordable housing projects and the grant is specific and is to be utilized for the specific purpose only. Hence VUDA is not involved in the activity of acquiring land and then constructing the houses and selling itwith the intention to making profit rather than cost of land is not considered for deriving the sale price of the residential units. With reference to above note it is clear that VUDA is statutory body constituted under town planning Act to carry out planning, regulation implementation of the same in its jurisdiction. The Authority is constituted not to make any profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t a new Section 10(46A) to exempt the income of a body or development authority, such as a board, trust, or commission (not a company), that provides public utility services and to exclude their income from the purview of Section 10(46) of the Income Tax Act. So, clauses 5 and 7 of the Finance Bill 2023 propose to change sections 10(46). 11(7), and the nineteenth proviso in the explanation of section 10(23C), and to add a new section 10(46A) to the Income Tax Act. The new Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement: (iii) Regulating, or regulating and developing, any activity for the general public's benefit; or (iv) regulating anything that has to do with the reason it was made for the good of the general public. With reference to the above context we would like to state the activity carried out by the appellant is in the nature of advancement of general public ut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. The relevant operative portion of the Hon ble Supreme Court judgment reads as follows: ..D. What kinds of income or receipts may not be characterized as derived from trade, commerce, business or in relation to such activities, for a consideration (i) Statutory corporations, authorities or bodies 176. It would be essential now to deal with certain kinds of receipts which GPU charities, typically statutory housing boards, regulatory authorities and corporations may be entitled to, if mandated to collect or receive. During the course of hearing, learned counsels highlighted that statutory boards, and corporations have to recover the cost of providing essential goods and services in public interest, and also fund large scale development and maintain public property. These would entail recovering charges or fees, interest and also receiving interest for holding deposits. It was further pointed out that in some cases, income in the form of rents having regard to the nature of the schemes which the concerned board, trust or corporation may be mandated or permitted to carry on, has to be received. For instance, in some situations, for certain kinds of properties, the boards may be permi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic servants. The state government is empowered to acquire land, in exercise of eminent domain power, for their purposes; their audits are by the Accountant General of the concerned state, or auditors appointed by the state. They are authorized by law, to levy rates and charges, for the services they provide, on pre-determined basis. In the light of these provisions, clearly, these boards and authorities perform objects of general public utility; and they are not driven by profit motive. 187. There is a two-fold distinction between the now-deleted Section 10(20A) and the newly added Section 10(46) (w.e.f. 01.06.2011). Firstly, that the erstwhile Section 10(20A) applied to a limited class of undertaking i.e., the bodies, or corporations, constituted by or under any law-confined to the planning and development of housing infrastructure. However, the newly added Section 10(46) is wider in comparison and the activities of any body or authority or board constituted by or under any central or State Act with the object of regulating or administering any activity for the benefit of the general public , has broader import. In a sense, the newly added Section 10(46), resembles a GPU category ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ude their claim for consideration for benefit as GPU category charities, under Section 11 read with Section 2(15) of the Act. (ii) Statutory Corporations, Boards, Authorities, Commissions, etc. (by whatsoever names called) in the housing development, town planning, industrial development sectors are involved in the advancement of objects of general public utility, therefore are entitled to be considered as charities in the GPU categories. (iii) Such statutory corporations, boards, trusts authorities, etc. may be involved in promoting public objects and also in the course of their pursuing their objects, involved or engaged in activities in the nature of trade, commerce or business. (iv) The determinative tests to consider when determining whether such statutory bodies, boards, authorities, corporations, autonomous or self governing government sponsored bodies, are GPU category charities: (a) Does the state or central law, or the memorandum of association, constitution, etc. advance any GPU object, such as development of housing, town planning, development of industrial areas, or regulation of any activity in the general public interest, supply of essential goods or services - such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther it is subject to directions by the concerned government, etc.; (f) As long as the concerned statutory body, corporation, authority, etc. while actually furthering a GPU object, carries out activities that entail some trade, commerce or business, which generates profit (i.e., amounts that are significantly higher than the cost), and the quantum of such receipts are within the prescribed limit (20% as mandated by the second proviso to Section 2(15)) the concerned statutory or government organisations can be characterized as GPU charities. It goes without saying that the other conditions imposed by the seventh proviso to Section 10(23C) and/ by Section 11 have to necessarily be fulfilled. (v) As a consequence, it is necessary in each case, having regard to the first proviso and seventeenth proviso (the latter introduced in 2012, w.r.e.f 01.04.2009) to Section 10(23C), that the authority considering granting exemption, takes into account the objects of the enactment or instrument concerned, its underlying policy, and the nature of the functions, and activities, of the entity claiming to be a GPU charity. If in the course of its functioning it collects fees, or any consideration th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In this regard, the Court has clarified through illustrations what kind of services or goods provided on cost or nominal basis would normally be excluded from the mischief of trade, commerce, or business, in the body of the judgment A.4. Section 11(4A) must be interpreted harmoniously with Section 2(15), with which there is no conflict. Carrying out activity in the nature of trade, commerce or business, or service in relation to such activities, should be conducted in the course of achieving the GPU object, and the income, profit or surplus or gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section 143(3) (all w.r.e.f. 01.04.2009), reaffirm this interpretation and bring uniformity across the statutory provisions B. Authorities, corporations, or bodies established by statute B.I. The amounts or any money whatsoever charged by a statutory corporation. board or any other bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or other provisions of the Act. 8. In our considered view the Ld CIT[A] having taken note of the Hon ble Supreme Court directions called for a remand report from the Assessing Officer and rejoinder received from the assessee and thereafter considering disposal/pendency of appeals by the Revenue before ITAT and High Court of Gujarat allowed the appeal in favour of the assessee by a detailed well speaking order observing as follows: 6.2 As regards, Ground No 1(viii) of the appeal against the addition of Rs. 611,87,34,600/- made by the AO, the submissions of the appellant have been quoted above where the above action of the AO has been challenged Since there has been a recent landmark decision on the relevant issue rendered by the Hon'ble Supreme Court in the case of Ahmedabad Urban Development Authority - Civil Appeal No 21672 of 2017 dated 19.10.2022, which has been relied upon by the appellant the remand report was called for from the AO by NFAC on 14.11.2022 which has been reproduced in Para 5 of the order above Reminders were also issued to the AO since the remand report was not received in its stipulated time. The remand report thus received has been reproduced in Para 5.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... still pending before Hon'ble Gujarat High Court in the case of the appellant against the Hon'ble ITAT orders on an appeal filed by the revenue and hence the matter has not traversed further. 6.8 On perusal of the order of the AO, it is noted that AO himself has stated in Para (g) of his order Page 14-that. It is pertinent here to draw the observations of Hon'ble ITAT, Ahmedabad in their order dated 19.04.2016 in the case of Ahmedabad Urban Development Authority (AUDA). The activities of the assessee are similar to that of AUDA in Ahmedabad. 6.9 However, the AO has ignored the fact that Hon'ble ITAT's order in the case of AUDA dated 19.01.2016 was quashed by the Hon'ble Gujarat High Court by their judgement date 02.05.2017 in Tax Appeal Number 423 to 425 of 2016 and Civil Application (OJ) - No 211 213 of 2016 (2017) 83 Taxmann.com 78 (Gujarat). It is seen that decision of Hon'ble Gujarat High Court was relied upon by the appellant before the AO, as stated on Page 10 of the assessment order, yet the AO has not dealt with this judgement in his orders, though he has himself relied upon the Hon'ble ITAT decision in AUDA case, which was quashed by the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure of trade, commerce or business and/or its object and purpose is profiteering. The Hon'ble High Court has categorically held that being a statutory body - Urban Development Authority being constituted to carry out objects and purpose of Town Planning Act and collecting regulatory fees for the object of the Act, no services are rendered to any trade, commerce or business. Hon'ble High Court has noted that whatever income is earned from auction / selling of specified numbers of plots is required to be used only for the purpose to carry out the object and purpose of Town Planning Act and to meet with expenditure while providing general utility service to the public such as electricity, road, drainage, water etc. and even the entire control is with State Government and even accounts are also subjected to audit and there is no element of profiteering at all, the activities of the assessee cannot be said to be in the nature of trade, commerce and business and therefore, proviso to Section 2(15) of the Act shall not be applicable so far as assessee is concerned and therefore, the assessee is entitled to exemption under Section 11 of the Income Tax Act. 6.10.3 It is categoricall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has committed a grave error in holding the activities of the assessee in the nature of trade, commerce or business and consequently holding that the proviso to Section 2(15) of the Act shall be applicable and therefore, the assessee is not entitled to exemption under Section 11 of the Act. For the reasons stated above, it is held that the proviso to Section 2(15) of the Act shall not be applicable so far as assessee- AUDA is concerned and as the activities of the assessee can be said to be providing general public utility services, the assessee is entitled to exemption under Section 11 of the Act. Both the questions are therefore, answered in favour of the assessee and against the revenue. 6.11. It is seen that in the remand report dated 20.01.2023 the AO has again referred to the proviso to section 2(15) of the Act to state that total receipts from trade, commerce or business/service rendition for the same which exceeded 20% of total receipts in the case of the appellant and reiterated the stand of the AO in the assessment order. However, as stated above, the Hon'ble High Court has clearly held that proviso to section 2(15) of the Act is not applicable in the case of AUDA. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receipts were on cost basis and income of the assessee was on cost basis for which full details were not submitted by the assessee. But it is seen that the assessment was conducted u/s. 143(3) of the Act and the assessee furnished all details before the AO. Therefore, the Ld CIT[A] held that such requirement of huge supporting evidences in remand proceedings is not called for when no specific instances has been pointed out in assessment order to prove to the contrary. 9. In fact, not only the Hon'ble Supreme Court has dismissed revenue's appeal in AUDA but also that of many other Gujarat Urban Development Authorities viz. Surat, Gandhinagar, Rajkot Development Authorities, etc., all of which are subjected to the same Act of Gujarat State Government and work under the Control and Rules stated therein as has been discussed in detail by the Hon'ble Gujarat High Court. In fact, co-ordinate Bench of this Tribunal in the case of Surat Urban Development Authority reported in (2020) 116 Taxmann.com 242 dated 20.02.2020 has also referred to the decision of the Hon'ble Gujarat High Court in AUDA as well as the decision of Hon'ble ITAT in case of Vadodara Urban Development ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11(2) of the Act without considering that filing of Form 10 is merely a procedural formality. 3. On the facts and circumstances of the case as well as law on the subject, the learned CIT (Appeals) has erred in partly confirming the disallowance of addition of fixed assets amounting to Rs.33,66,427/-by denying the benefit u/s 11 12 of the Act. 4. It is therefore prayed that the above addition/disallowance made by the Assessing Officer may please be deleted. 13. In support of the Grounds of Appeal Ld Counsel for the assessee relied upon various case laws that filing of From 10 is only procedural in nature and the assessee cannot be denied the benefit of section 11 for late filing of Form 10. 14. Per contra Ld CIT DR appearing for Revenue brought to attention the relevant portion of the provision prior to amendment by Finance Act, 2015 read as under: (2) Where eighty-five per cent of the income referred to in clause (a) or clause (b) of sub- section (1) read with the Explanation to that sub-section is not applied, or is not deemed to have been applied, to charitable or religious purposes in India during the previous year but is accumulated or set apart, either in whole or in part, fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 by the Finance Act, 2015, w.e.f. 1-42016: (a) such person furnishes a statement in the prescribed form and in the prescribed manner to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) the money so accumulated or set apart is invested or deposited in the forms of modes specified in sub-section (5); the statement referred to in clause (a) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year. 14.2. Thus as per the amended provision, clause (c) determines the time period for filling of statement made in Form no 10 and thus making it a requirement under the Act, which prior to the amendment was part only of Income Tax Rules. The said amendment is effective from 01.04.2016 thereby making it relevant for the Asst Year 2016-17 onwards, i.e. applicable to the present appeals. 14.3. Ld CIT DR also drawn our attention to the Apex Court judgment in the case of PCIT -Vs- M/s. Wipro Ltd. [2022] 140 taxmann.com 223 (SC), on a similar count. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present case. 7. Wadia Institute of Himalayan Geology v. ACIT [2015] 62 taxmann.com 338 (Delhi-Trib.) The issue in the captioned case though was on similar grounds to the present case, ie, delay in filing of Form no. 10 resulting into denial of exemption u/s 11(2) by AO but the findings of the case would not be applicable since the captioned case was of AY 2007-08 i.e. prior to the amendment in Section 11(2) by Finance Act, 2015. 8. DCIT (Exemptions) v Audyogik Shikshan Mandal [2022] 139 taxmann.com 28 (Pune-Trib.) The issue in the captioned case is related to delay in filing of Form no. 10B audit report, provision of which and requirement under such provision is different than that of Form no. 10 and hence is not applicable to the present case. 9. Chandraprabhuji Maharaj Jain v. DCIT, (Exemptions), Chennai [2019] 110 taxmann.com 11 (Madras) The issue in the captioned case though was on similar grounds to the present case, Le, delay in filing of Form no. 10 resulting into denial of exemption u/s 11(2) by AO but the findings of the case would not be applicable since the captioned case was of AY 2008-09 1.e. prior to the amendment in Section 11(2) by Finance Act, 2015. 10. JCIT v. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n filing Forms 9A and 10 for AY 201819. 8. For AY 2017-18 also, the petitioner/assessee had filed a similar application seeking condonation of delay in filing Form 10, which was allowed by the Commissioner Income Tax vide order dated 26.12.2019 correctly, laying emphasis that the mandate of Section 119(2)(b) of the Act is to mitigate the genuine hardship of assessee in certain circumstances and authorization to the Commissioners to admit the belated Form 10. In the said order dated 26.12.2019, the Commissioner Income Tax condoned the delay in filing Form 10 (which was electronically filed on 05.03.2019) for AY 2017-18. Similarly for AY 2018-19 also, delay on the part of the petitioner in filing Form 10 was condoned in view of the underlying principle of the above mentioned circulars to liberally condone such delays in order to mitigate hardships of the assessees. 9. As mentioned above, the delay in filing Form 10 in the present case occurred because the amendments went unnoticed by the officials of the petitioner. The assessment year 2016-17 was the first occasion subsequent to those amendments. Therefore, we find no reason to disbelieve the explanation furnished by the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not furnish the necessary declaration in writing before due date of filing return of income, which was an essential requirement for not claiming the benefit of section 10B. The Hon'ble High Court decided the issue in favour of the assessee by holding that the requirement of filing the declaration was mandatory but filing it along with the return of income u/s 139(1) was a directory requirement. The matter was brought by the Revenue before the Hon'ble Supreme Court. The assessee, inter alia, relied on the judgment of the Apex Court in G.M. Knitting Industries (P.) Ltd. (supra). Their Lordships held that the requirement of filing the report in support of deduction u/s 10B was not a directory but a mandatory requirement. It further held that both the conditions of - filing the declaration and filing it before the time limit u/s 139(1) - were mandatory and had to be cumulatively satisfied. Rejecting the reliance on G.M. Knitting Industries (P.) Ltd. (supra), the Hon'ble Supreme Court held that that decision was relevant in the context of deduction provisions and not the exemption provisions as given under Chapter III of the Act. 6.3.1. In our view, the aforesaid decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be strictly comply with the exemption provisions. However, notably, the Hon'ble Supreme Court in the case of CIT v. Yokogawa India Ltd 391 ITR 274 (Supreme Court), held that section 10A of the Act is a deduction provision and not an exemption provision . Therefore, apparently there seems to be a difference of opinion to whether section 10A/B provisions qualify as Exemption or Deduction provisions. Therefore, since it is well-settled principle of law that deduction provisions, which have been introduced in the Statute to provide incentive to the assessee, should be construed liberally , in our considered view, once it is not disputed that the instant set of facts, the assessee claimed the benefit of provisions under section 10AA in the return of income (which in our view is a mandatory/directory requirement), the benefit of section 10AA cannot be denied only on the ground that the assessee could not file Form 56F along with the return of income (being a procedural requirement), especially when Form 56F has been filed by the assessee at the assessment stage when such claim was being considered by the Assessing Officer. (iii) Besides the above, in the case of G. M. Knitting I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 10A cannot be denied merely because at time of filing of return, claim had mistakenly been made under section 10B of the Act. The Gujarat High Court in the case of Zenith Processing Mills v CIT 219 ITR 721 (Guj) held that provision of section 80J(6A) to extent it requires furnishing of auditor's report in prescribed form along with return, is directory in nature and not mandatory. Further, assessee can be permitted to produce such report at later stage when question of disallowance arises during course of assessment proceedings. In the instant case, the A.O. has denied s. 10AA benefit on account of an inadvertent error on the part of the assessee in not e- filing Form 56F along-with return of income. We are therefore of the view that there is sufficient compliance if the Form 56F has been filed during the course of assessment proceeding, since there is no material objective to be achieved by the assessee in not e-filing the same, once the same was already available with the assessee. 6.5 In view of the above, we are of the considered view that CIT(A) has not erred in facts and in law in allowing the claim of the assessee that deduction u/s. 10AA of the Act cannot be deni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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