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TMI BlogExemption u/s 11: Condonation of Delay in Filing Form 10X X X X Extracts X X X X X X X X Extracts X X X X ..... n of delay in filing Form 10 u/s 119(2)(b) of the Income Tax Act, 1961 (the Act). The case involved a trust registered under the Bombay Public Trust Act, 1950, which manages a Jain Derasar (Temple) in Mumbai. The trust had filed an application for condonation of delay in filing Form No. 10 for the Assessment Year 2019-20, which was initially rejected by the Income Tax Department. Arguments Present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned that since the factum of accumulation of receipts was reported in the audit report in Form No. 10B , he was under the bona fide impression that there was no separate requirement to file a separate statement, and that the provisions of Section 11(2) of the Act were complied with. Mr. Dedhia further stated that due to inadvertence and oversight, he did not consider the provisions of Rule 17 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to condone the delay. The court commended Mr. Dedhia for being candid about his lapse, stating that one needs courage to admit a mistake. Consequently, the court quashed and set aside the impugned order dated November 3, 2023, and treated the delay in filing Form No. 10 for the Assessment Year 2019-20 as condoned. The court also clarified that the trust might, if advised, take necessary steps, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling Form No. 10 for the Assessment Year 2019-20 by a trust registered under the Bombay Public Trust Act, 1950. The court accepted the explanation provided by the trust's auditor, Mr. Hitesh Dedhia, who admitted to inadvertently overlooking the requirement to file a separate statement in Form No. 10 apart from the audit report in Form No. Full Text : 2024 (3) TMI 1327 - BOMBAY HIGH COURT - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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