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TMI Blog2021 (9) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Rules 1962. On query, the assessee submitted before the Assessing Officer that Form no. 10 had been filed on 15.2.2017, which was subsequently found to be not filed due to technical error and the same had been finally submitted on 20.4.2017. The Assessing Officer held that in view of the provisions of section 13(9) of the Act, the benefit of exemption under section 11 of the Act was not available to the assessee. As such, the Assessing Officer deducted the revenue expenditure of Rs. 7,40,79,814/- from the gross receipt and assessed the income accordingly. 3. By virtue of the impugned order, the ld. CIT(A) allowed the appeal of the assessee, bringing the Department in appeal before us. 4. Before us, the ld. D.R., challenging the imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in Form No. 10B has been obtained before filing of the return of income and has been e-filed as per provisions of Section 139(4) of the I.T Act as applicable for assessment year 2016-17; that in view of the aforesaid CBDT Circular, as stated in Para 4(i) thereof, the delay in filing of Form no. 10B has been condoned in general by the CBDT; that thus, there is no further requirement of order for condoning the delay in filing of Form no. 10B; that further, the Ld. CIT (Exemptions), as per order u/s. 119(2)(b) of the Act, dated 19.02.2019 (APB:9&10), has already condoned the delay in filing the "Income Tax Return" and "Form no. 10"; that in view of the above stated facts, the benefit of section 11 of IT Act has rightly been allowed by the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch purposes. Such income, so accumulated, or set apart, shall not be included in the total income of the Trust in the year of receipt of income. Such person has to furnish a statement in the prescribed form, i.e., Form no. 10, and in the prescribed manner, to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years. 8. In the case of the assessee, the delay in filing Form no. 10 occurred due to a technical error. So far as regards the contention regarding the ld. CIT(A) having ignored the provisions of section 12A(1)(b) of the Act, this provision states that the provisions of sections 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord and the same has been relied on by the ld. CIT(A) in holding that the addition made by the Assessing Officer by denying the accumulation under section 11(2) of the Act, had become infructuous. It was, therefore, the ld. CIT(A) directed the Assessing Officer to allow the benefit of section 11 of the Act to the assessee and compute the income after allowing the accumulation under section 11(2) of the Act. 10. So far as regards the Department's objection that the audit report in Form no. 10B was also delayed and such delay had neither been applied for condonation of delay nor been condoned, it was the submission of the assessee that the delay in filing Form no. 10B has been condoned, in general, by the CBDT, vide Circular No. 10/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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