9911796707
TMI Blog2019 (9) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... Year 2014-15 on 30.09.2014 declaring NIL income. The return was processed under section 143(1) of the Act on 10.03.2016 by CPC, Bangalore, wherein the assessee's income was determined at Rs. 72,58,82,734/- as against the NIL income returned by the assessee; by rejecting the assessee's claims for exemption under section 11 of the Act. Aggrieved, the assessee filed a rectification application before the CPC which was rejected vide order dated 16.03.2017 on the ground that the assessee had not filed Form No.10 electronically within the due date for filing the return of income. 2.2 The assessee, being aggrieved by the order of the CPC dated 16.03.2017, rejecting its rectification application for Assessment Year 2014-15, carried the matter in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o condone the delay in submission of Form No. 10 is granted only to the Commissioner and ought to have appreciated that condonation was beyond his power in view of the CBDT circular. 2.4 The Lc1CIT(A) ought to have appreciated that, the AO is not empowered to consider the manual submission of Form No.10 unless the same is condoned by CIT (Exemptions) subject to certain conditions specified in CBDT circular. 2.5 The Ld CIT(A) erred in admitting the manual submission of Form No.10 without appreciating the fact that the returns are processed in CPC electronically and to consider the claim of accumulation u/s 11(2) submission of Form No. 10 electronically was mandatory from AY 2014-15 per the rule 17 r.w.s 11(2). 3. For these and such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umulation claimed under section 11 of the Act. 3.3.2 On a careful perusal of the Income Tax Rules, 1962 (in short 'the Rules'), we find that as rightly pointed out by the CIT(A), the requirement to mandatorily file Form No.10 electronically before the due date for filing the return under section 139(1) of the Act has come into effect by substitution of Rule 17 of 'the Rules' by IT (First Amendment) Rules, 2016, w.e.f. 01.04.2016 i.e., it is applicable from Assessment Year 2016-17 onwards. Therefore, it is amply clear that the said requirement of the assessee having to mandatorily file Form 10 electronically was not applicable to those Assessment Years prior to Assessment Year 2016-17. The present appeal pertains to Assessment Year 2014-15 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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