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TMI Blog2023 (1) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... he return of income filed on 30.3.2017. We noticed that the requirement of filing audit report before the date prescribed in sec.44AB has been brought into the statute only w.e.f 1.4.2020, i.e., from AY 2020-21. Accordingly, in the assessment year under consideration, viz., AY 2015-16, the requirement under the Act was to file audit report along with the return of income. Accordingly, in our view, the assessee has complied with the conditions prescribed in sec. 12(1)(b) by furnishing audit report along with the return of income. In our view, both the Assessing Officer and Ld CIT(A) were not justified in rejecting the claim for deduction under section 11(1)(a) - Accordingly, we set aside the order passed by learned CIT(A) and direct the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It was submitted that the Act does not prescribe any time limit for filing audit report in Form 10B during the year under consideration. The assessee further submitted that the mandatory time limit with regard to filing of Form No. 10, which relates to accumulation of income under section 11(2) of the Act, was inserted only w.e.f. 1.4.2016. The said provision is not applicable for the deduction claimed u/s 11(1)(a) of the Act. The Learned CIT(A) was not convinced with the contentions of the assessee. He held that the provisions of Rule 17B and Rule 12(2) of the IT Rules require filing of audit report in form No. 10B electronically along with return of income. The Learned CIT(A) also referred to Circular No.10/2019 dated 22.5.2019 issued by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income on 30.3.2017. The assessment year under consideration is A.Y. 2015-16 and the due date prescribed for filing return belatedly under section 139(4) is on 31.3.2017. The assessee has filed return on 30.3.2017. The AO has passed the assessment order on the above said belated return filed by the assessee. We noticed earlier that the AO has rejected the claim for exemption u/s 11(1)(a) of the Act on the reasoning that the assessee has filed audit report in Form 10B belatedly. 8. The assessee brought to our notice that provisions of section 12A(1)(b) of the Act, which deals with the filing of audit report in Form 10B, have been amended w.e.f. 1.4.2020. The assessee has furnished copy of pre-amended and post-amended provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below subsection (2) of section 288 before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date] the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed; A careful perusal of the above said provisions would show that the provisions of section 12A(1)(b) requiring the assessee to furnish audit report has been amended w.e.f. 1.4.2020. Prio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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