ITA No. 472/KOL/2022 (A.Y. 2016-2017) Loyola High School

Parties Involved

Facts Summary

The assessee, Loyola High School, filed its return of income on 30.03.2017, which was beyond the due date under section 139(1) of the Income Tax Act. The assessee had submitted Form No. 10 claiming benefit of accumulation under section 11(2) on 17.10.2016, before the due date of filing the return. However, the Assessing Officer disallowed the claim of the assessee as the return was not filed within the time limit. The assessee appealed to the Commissioner of Income Tax (Appeals), but the appeal was not allowed. The assessee then approached the Income Tax Appellate Tribunal, arguing that the delay in filing the return should be condoned based on a CBDT Circular No. 6 of 2020.…

Legal Issues

• 1. Whether the assessee is entitled to accumulate the surplus fund under section 11(2) of the Income Tax Act?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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