9911796707
TMI Blog2024 (11) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessee Trust. We note that Assessment Year 2016-2017 was also the first year of applicability of amended Rule 17 of IT Rules requiring electronic filing of Form 10 since the said Rule came into effect from 01/04/2016 relevant to the Assessment Year 2016-17. The Assessee has also placed on record Form 10B for the Assessment Year 2016-17 filed electronically on 21/09/2016 wherein it has been clearly stated that INR 7.34 Crores has been accumulated in terms of Section 11(2). Thus, we hold that the benefit of exemption claimed by the Appellant under Section 11(2) cannot be denied to the Appellant. As decided in Parle Hindu Devalaya Mandal [ 2020 (3) TMI 1353 - ITAT MUMBAI] and Navodaya Education Trust [ 2021 (7) TMI 769 - ITAT BANGALORE] Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) has erred in allowing the appeal of the assessee on the basis of the decision in the case of Shree Dadar Jain Vs. ITO [2019] 111 taxmann.com 272 (Mumbai tribunal) wherein the Hon ble ITAT on identical ground has allowed the appeal of the assessee on the basis of the decision of the Hon ble Supreme Court in the case CIT Vs. Nagpur Owners Association [2001] 114 Taxman 255/248 ITR 201 (SC) without appreciating the fact that the case law referred by the Hon ble ITAT is very old and facts of that case is different from the facts of the case under consideration, and w.e.f. 01.04.2016, it is mandatory for the assessee trust to file Form No.10 electronically to avail the benefit of section 11(2) of the Income Tax Act? 3. Whether on facts and ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utiny. During the Assessment proceedings the Assessee filed From No.10 electronically on 24/11/2018. However, vide a Assessment Order, dated 29/11/2018, the Assessing Officer disallowed the aforesaid exemption of INR 7.34 Crores claimed by the Assessee under Section 11(2) of the Act on the ground that the Assessee had failed to file Form 10 electronically before the due date of filing of return of income as mandated by Rule 17 of the Income Tax Rules 1962 [for short IT Rules ]. Subsequently, order was passed by the Commissioner of Income Tax (Exemptions), Mumbai [for short CIT(E) ] on 12/03/2021 under Section 263 of the Act setting aside the Assessment Order, dated 29/11/2018, as being erroneous in so far as prejudicial to the interest of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the books of accounts of the Assessee. Further, as regards Form 10, it was submitted that Form 10 was filed physically within due date of return of income, and subsequently, Form 10 was also filed electronically on 24/11/2018 during the course of original assessment proceedings. The Assessing Officer had not disputed the position that physical copy of Form 10 was filed physically on 22/09/2016. Further, for last several years, the return of income was filed manually along with the return of income. This was the first year in which the law was amended making the online filing mandatory. Reliance was placed on Mumbai ITAT decision of Shree Dadar Jain v ITO [2019] 111 taxmann.com 272 (Mumbai - Trib.) to contend back the exemption claimed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly by the Assessee and were utilize for the purpose of the Assessee Trust. We note that Assessment Year 2016-2017 was also the first year of applicability of amended Rule 17 of IT Rules requiring electronic filing of Form 10 since the said Rule came into effect from 01/04/2016 relevant to the Assessment Year 2016-17. The Assessee has also placed on record Form 10B for the Assessment Year 2016-17 filed electronically on 21/09/2016 wherein it has been clearly stated that INR 7.34 Crores has been accumulated in terms of Section 11(2) of the Act. In the aforesaid facts and circumstances, we hold that the benefit of exemption claimed by the Appellant under Section 11(2) of the Act in respect of amount of INR 7.34 Crores cannot be denied to the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
