The assessee, a trust registered u/s 12AA, filed its return of ...

Belated return filing allowed for tax exemption to trust under Income Tax Act.

September 23, 2024

Case Laws Income Tax AT

The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption u/s 11, given that the return was filed beyond the time limit prescribed u/s 139(1). The ITAT held that the Central Board of Direct Taxes (CBDT) had clarified that returns filed u/s 139(4) should be accepted for granting exemption u/s 11. This implies that the scope of Section 139 includes Section 139(4), and the trust is entitled to exemption if the return is filed within the time allowed under any provision of Section 139. Consequently, the assessee's appeal was allowed, and the trust was eligible for exemption u/s 11 despite filing the return belatedly u/s 139(4).

View Source

← Previous Next →

The assessee, a trust registered u/s 12AA, filed its return of ...

Belated return filing allowed for tax exemption to trust under Income Tax Act.

September 23, 2024

Case Laws Income Tax AT

You may also like:

Disallowance of exemption claimed u/s 54EC - non filling ROI - investment made in REC - assessee has neither filed return of income u/s 139(1) of the Act, nor in...

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

ITAT ruled in favor of the trust appellant, reversing denial of exemptions u/ss 11 & 12. The tribunal held that prior to registration on 23/11/2022, mandatory audit...

Proceeding of Criminal Case u/s 276CC of the Income Tax Act - Proof of willful default in filing the return - As the applicant has filed the income tax return in time as...

The ITAT Ahmedabad considered a case involving exemption u/s 11 for a trust with a belatedly filed income return. The tribunal held that the trust, registered u/s 12AA,...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Disclosure of income under VDIS - set off of tax under VDIS with advance tax (including TDS) in regular course - a Section 70 and 71 mandate that the income disclosed in...

Exemption u/s 54F - belated filing of return - investment after due date but before actual date of filing of return - exemption allowed - AT

Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

The case involved denial of exemption u/s 11 due to late filing of return. The department argued return must be filed u/s 139(1) to claim exemption u/s 11. An amendment...

Cancellation of registration of petitioner - The petitioners are permitted to file their returns for the period prior to the cancellation of registration, if such...

CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

Penalty levied u/s. 272A(2)(e) - trust - failure to furnish return of income which it was obligated to file u/s 139(4A) - ITR could have been filed by the assessee trust...

Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

Quick Updates: