2020 (8) TMI 327 - HC - Income Tax

Exemption u/s 11 - Form No.10 filed by the Assessee belatedly about the accumulation of income by the respondent Assessee - Whether form 10 can be accepted by the assessing officer during the reassessment proceedings as held by ITAT? - HELD THAT - Even otherwise we are satisfied that against the impugned order of the learned Tribunal, no question of law arises for our consideration under Section 260A of the Act, since a Coordinate Bench has already held that Form No.10 filed belatedly could be taken into account by the Assessing Officer and has remanded the case back to the Assessing Authority in the case of Chandraprabhuji Maharaj Jain -vs- Deputy Commissioner of Income-tax, (Exemptions), Chennai 2019 (8) TMI 363 - MADRAS HIGH COURT . Therefore, we are of the opinion that the learned Assessing Authority has rightly taken into account the Form No.10 filed by the Assessee in the present case albeit belatedly and has granted the desired relief to the respondent Assessee, which is a Government Company incorporated for promotion of Industrial Development in the State. - Decided against revenue.

Summary

Issues:
- Appeal against the order of the Income Tax Appellate Tribunal regarding acceptance of Form 10 during reassessment proceedings in contravention to previous decisions.

Analysis:
1. The appeals were filed by the Revenue challenging the order of the Income Tax Appellate Tribunal Madras 'C' Bench for the Assessment Year 2007-08. The main issue raised was whether the tribunal was correct in accepting Form 10 during reassessment proceedings when it was not submitted along with the return and before the completion of the original assessment. The Tribunal remanded the case back to the Assessing Authority to consider Form No.10 filed belatedly by the Assessee regarding the accumulation of income by a Registered Society entitled to exemption under Section 11 of the Act.

2. The respondent Assessee's counsel referred to a previous decision by a Coordinate Bench in a similar case and argued that the Assessing Authority had already granted relief to the Assessee based on the belatedly filed Form No.10. The High Court noted that no question of law arose for consideration under Section 260A of the Act, as the Coordinate Bench had already ruled on the admissibility of belatedly filed Form No.10 in a previous case. The High Court affirmed that the Assessing Authority rightly considered the Form No.10 in the present case and granted relief to the respondent Assessee, a Government Company incorporated for promoting Industrial Development in the State.

3. Consequently, the High Court found no merit in the Revenue's appeals and deemed them infructuous. The Court concluded that the Assessing Authority had appropriately considered the belatedly filed Form No.10 and granted relief to the Assessee. Therefore, the appeals were disposed of without addressing the question of law, and no costs were awarded in the matter.