Hegde Charitable Trust vs. ITO

Parties Involved

Facts Summary

The assessee, Hegde Charitable Trust, registered under section 12AA of the Income Tax Act, filed its return of income for the assessment year 2019-20 claiming exemption under section 11. However, the Income Tax Officer (ITO) denied the exemption as the audit report in Form 10B was not filed within the due date. The assessee filed a rectification application under section 154 of the Act, which was rejected by the ITO. The assessee then appealed to the Additional Commissioner of Income Tax (Appeals) who dismissed the appeal. The assessee further appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the entire gross receipts of the assessee should be taxed or only the net income after allowing deductions?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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