Delay in filing audit report u/s 119(2)(b) was condoned. Denial ...

Delayed filing of audit report condoned. Deduction u/s 11(1) allowed despite 134-day delay in Form 10B filing. Court: Don't deny exemption for delay if eligible. Liberal exercise of power required.

Case Laws Income Tax

July 5, 2024

Delay in filing audit report u/s 119(2)(b) was condoned. Denial of deduction u/s 11(1) due to belated filing of Form 10B by 134 days was set aside. Court held that benefit of exemption should not be denied solely for delayed filing if assessee is otherwise eligible. Filing was delayed during second Covid-19 wave, and assessee trust constituted for student welfare would suffer genuine hardship. Power u/s 119(2)(b) requires liberal exercise. Impugned order quashed, and revenue directed to receive audit report for finalizing assessment.

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Delay in filing audit report u/s 119(2)(b) was condoned. Denial ...

Delayed filing of audit report condoned. Deduction u/s 11(1) allowed despite 134-day delay in Form 10B filing. Court: Don't deny exemption for delay if eligible. Liberal exercise of power required.

Case Laws Income Tax

July 5, 2024

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