9911796707
TMI Blog2024 (4) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer under section 143(3) of Income Tax Act, 1961 ('the Act') on 02.02.2021. The Revenue has raised the following grounds of appeal: "(i) Whether in the facts and in the law the Ld.CIT(A) was right in allowing the deduction of Rs. 46,00,000/- for accumulation/s 11(2) of the Act having held that the case gets covered by CBDT's Circular No.173/193/2019-ITA-1, dated 23.04.2019. (ii) Whether in the facts and in the law the Ld.CIT(A) was right inholding that the assessee is eligible for Exemption u/s 11 of the Act, even though the Return of Income was filed belatedly within the extended time allowed u/s 139(4) of the Act and an amount of Rs. 46,00,000/- has been accumulated and set apart for the specified purposed y/s 11(2) of the Act ign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .CIT(A). The assessee-trust filed its submission before Ld.CIT(A) and explained the break-up of various receipt during the year consisting income from interest, dan paatra & aarti income, donation, miscellaneous income, academic receipts, government grants and miscellaneous income aggregating comes to Rs. 3,66,22,150/- out of which Rs. 2,6,16,168/- was applied for the purpose of the trust and Rs. 46.00 lakh has been accumulated and set apart for the specified purpose u/s 11(2) of the Act for which Form-10B has been e-filed on ITBA portal. The assessee received an intimation under section 143(1)(a) dated 04.12.2019 mentioned that "Schedule Part BTI" Error Description, assessee has not e-filed or not filed return within due date, hence, exemp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income. The deduction claimed under section 11 was disallowed and income was re-computed by disallowing complete deduction under section11 by raising demand of Rs. 1.79 crores. The assessee again filed its written submission. In its submission, assessee stated that they have filed application before Ld.CIT(E) for condoning such delay in filing its return of income for assessment year 2018-19. The application is pending so till the disposal of petition for condonation of delay, to wait. In without prejudice submissions, the assessee submitted that Central Board of Direct Taxes (CBDT for short) in Circular No.173/193/2019-ITA-1, dated 23.04.2019 has clarified that amendment in section 11 in clarified in nature and for a trust registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Humayun Suleman Merchant vs. The CCIT (2016) 387 ITR 421 (Bom) and Hon'ble Karnataka High Court in the case of Fatimabai (2009) 32 DTR 243 (Kar). 3. The NFAC/Ld.CIT(A) on considering the submissions of assessee and CBDT's Circular No.6/2020 dated 19.02.2020 and Circular No.173/193/2019-ITA-I dated 23.04.2019 held that CBDT in its Circular dated 23.04.2019 has clarified that for availing benefit of Section 11, the registered under section 12A shall file its return of income within time allowed under section 139. The NFAC/Ld.CIT(A) specifically held that Section 139 includes belated return under section 139(4) and CBDT has directed that demand raised on this issue are to be rectified. Thus, the case of assessee is covered by the Circular of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary limit fixed by CBDT for filing appeal before Tribunal. On merits the AR for the assessee supported the order of ld CIT(A). 6. We have considered the rival submission of both the parties and perused the case record carefully. We have also deliberated on the various Circulars of CBDT and decision of Bombay High Court as relied upon by ld CIT(A). We find that there is very short controversy in the present appeal. There is no dispute about filing of Form-10AB, which is filed with the time prescribed. The objection of Assessing Officer objected only on filing return of income after due date of filing return of income prescribed under section 139(1). We find that Hon'ble Bombay High Court in Tulsidas Gopalji Charitable and Chaleshwar Temple ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
