Assessee, a Public Charitable Trust, filed a return for Assessment Year 2021-22, declaring a deficit. CPC disallowed exemptions under Sections 11 and 12 due to non-filing of the audit report in Form 10B and treated the entire income as taxable. Tribunal, relying on Gujarat High Court’s decision in Association of Indian Panel Board Manufacturers v. DCIT\u00a0[2023] 157 taxmann.com 550 (Guj)(HC), held that filing of Form 10B is a procedural requirement and allowed the exemption claim. High Court held that no substantial question of law arose out of the order of the Tribunal. The delay of 237 days in filing the SLP and the reasons assigned were neither satisfactory nor sufficient in law to condone the delay. SLP filed by revenue was dismissed on the grounds of delay as well as on the merits. (AY. 2021-22)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 119: Central Board of Direct Taxes-Circular-Property held for charitable purposes-Delay in filing tax audit report-High Court condoned the delay and directed to allow the exemption-SLP of revenue was delayed by 237 days-SLP is dismissed on account of delay as well as on merits. [S. 11, 12, Form No 10B Art. 136]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60566","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fKS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=60566"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60566\/revisions"}],"predecessor-version":[{"id":60567,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60566\/revisions\/60567"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}