Indian Institute of Foreign Trade Vs Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The Indian Institute of Foreign Trade (IIFT) filed an appeal against the order of the Commissioner of Income Tax (Appeal) dated 16.06.2025, which arose from an assessment order dated 18.11.2024. The IIFT claimed exemption under Section 11 of the Income Tax Act, 1961, but was disallowed due to a one-day delay in filing the Auditor’s report in Form 10-B by 01.11.2023 instead of the due date 31.10.2023. The Deputy Commissioner of Income Tax (DR) did not object to the appeal. Subsequently, the Commissioner of Income Tax (Exemptions) condoned the delay in filing the Audit Report on 18.12.2025 under Section 119(2)(b) of the Act.…

Legal Issues

• 1. Whether the delay in filing the Audit Report in Form 10-B by one day constitutes a violation of Section 12A(1)(b) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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