Joygopalpur Youth Development Centre vs. ITO, Ward-1(1), Exemptions, Kolkata

Parties Involved

Facts Summary

The assessee, Joygopalpur Youth Development Centre, a society registered under section 12AA of the Income Tax Act, was selected for scrutiny regarding transactions with specified persons. The Assessing Officer found that the assessee made payments totaling Rs.16,96,465/- in the previous year. A notice was issued under section 142(1) of the Act, asking the assessee to submit a bank statement to prove that no payments were made to the persons mentioned in the Original Form 10B or to the executive committee members. In response, the assessee submitted a bank statement and a revised Form 10B, rectifying the mistake made by the accountant. The Assessing Officer completed the assessment under section 143(3) read with section 144B, assessing the total income at Rs.1,13,00,961/- and declining the exemption claimed by the assessee.…

Legal Issues

• 1. Whether the delay in filing Form 10B justifies the denial of exemption under section 11 of the Income Tax Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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