Held that fixed deposit was not shown as earmarked fund for a charitable purposes hence not eligible exemption. Form No.10 was filed before competition of assessment eligible deduction. Time limit for furnishing Form No.10 was prescribed by Finance Act, 2015 with effect form 1-4-2016. (AY. 2012-13)
Ursuline Franciscan Congregation Generalate Somarpann Declaralakatte v. ITO (2021) 191 ITD 238 (Bang.)(Trib.)
S. 11 : Property held for charitable purposes-Application of income-Fixed deposit-Not shown as earmarked fund for a charitable purposes-Not eligible exemption-Form No.10 was filed before competition of assessment-Eligible deduction-Time limit for furnishing Form No.10 was prescribed by Finance Act, 2015 with effect form 1-4-2016. [S. 11 (1)(a), 11(2)(c), Form No. 10]