Assessee-trust filed its audit report in Form No. 10B. Subsequently, assessee came to know that Form No. 10BB was required to be filed. Assessee, thereafter, filed an audit report in the correct form, i.e Form No. 10BB on 5-1-2024. Assessing Officer held that the total income of the trust claiming exemption under section 11 exceeded the maximum amount which was not chargeable to tax under the Act but less than or equal to Rs.5 crores; thus, the assessee was required to file an audit report in Form 10BB at least one month prior to the due date of furnishing the return under section 139(1).However, assessee failed to e-file the audit report in Form 10BB.He, thus, processed the return and recomputed income as per section 13(10). CIT(A) affirmed the order of the Assessing Officer. On appeal\u00a0 the Tribunal held that the assessee had filed an audit report in Form No. 10B on 28-10-2023 and extended due date for filing an audit report as per CBDT circular for assessment year 2023-24 was 31-10-2023. Further, the audit report in correct Form No. 10BB was filed on 5-1-2024, i.e. before passing of intimation under section 143(1).\u00a0 While passing intimation under section 143(1), the Assessing Officer should have considered the correct Form No. 10BB filed on 5-1-2024. In view of CBDT Circular No. 2\/2024, dated 5-3-2024, the audit report filed in Form 10BB on 5-1-2024 was within the due date. Accordingly, the Assessing Officer was directed to delete additions made in income of assessee. (AY. 2023-24)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11: Property held for charitable purposes-Filing of audit report in correct form-Filed Audit report in Form 10B-Filed Form 10BB on 05-01-2024, before intimation under section 143(1) was passed-, CBDT Circular No. 2\/2024 dated 5-3-2024, audit report filed in Form 10BB was within due date-The Assessing Officer was directed to consider Form 10BB.[S. 12A,,119 R. 16CC, 17B] <\/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-60792","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fOw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60792","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=60792"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60792\/revisions"}],"predecessor-version":[{"id":60793,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60792\/revisions\/60793"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}