Bansal Foundation

Parties Involved

Facts Summary

The assessee, Bansal Foundation, a Public Charitable Trust registered under section 12A of the Income Tax Act, filed its return of income along with an audit report in Form 10B for the assessment year 2022-23, declaring total income as 'NIL' and claiming exemption under section 11 of the Act. The return was processed under section 143(1) of the Act, and the total income was assessed at Rs. 34,00,000/- because Form 10B was not e-filed within the prescribed due date, i.e., one month prior to the due date of filing the return of income. Aggrieved by this, the assessee filed an appeal before the CIT(Appeals), which was dismissed. The assessee then appealed to the Tribunal, raising several grounds for relief.…

Legal Issues

• 1. Whether the CIT(A) erred in upholding the total income computed in the intimation u/s 143(1) of the Act.
• 2. Whether the CIT(A) erred in denying exemption u/s 11 of the Act due to the delay in filing Form-10B.
• 3. Whether the requirement of filing audit report in Form 10B before completion of the assessment is merely procedural.
• 4. Whether the CIT(A) should have considered condoning the delay in filing Form 10B.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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