Section 11 Exemption Cannot Be Denied Due to Delay in Filing Audit Report: ITAT Mumbai

MIG Cricket Club Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, dealt with an appeal filed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2014–15. The appeal was filed with a delay of 168 days; however, the Tribunal condoned the delay after being satisfied that there was a reasonable cause and admitted the appeal for adjudication. The assessee, a club, had filed a belated return of income on March 31, 2016, based on provisional accounts and claimed exemption under Section 11 of the Income Tax Act, 1961. At the time of filing the ret...