Shree Nutan Kelvani Mandal vs. ITO EXEM Ward 2(3)

Parties Involved

Facts Summary

Shree Nutan Kelvani Mandal, a charitable trust, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dismissing their appeal and confirming the order of the Assessing Officer. The appellant claimed exemption under Section 10(23C) of the Income Tax Act, 1961, and sought to accumulate income over and above 15% of its receipts. The Commissioner of Income Tax (Appeals) disallowed the appellant's claim for additional accumulation of income as they failed to furnish Form 10 as required by Rule 17(2). The appellant argued that the requirement to file Form 10 did not exist for the assessment year 2018-19, as the relevant provision came into effect on April 1, 2023. The appellant also contended that the disallowance of their claim for additional accumulation of income was illegal and should be set aside.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in disallowing the appellant's claim for additional accumulation of income?
• 2. Whether the appellant's delay in filing the appeal should be condoned?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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