Delay in Filing Form 10 Cannot Alone Defeat Section 11(2) Exemption Claim: ITAT Visakhapatnam

Heralds of Good News Vs ITO (Exemption) (ITAT Visakhapatnam) The Income Tax Appellate Tribunal considered an appeal against the order of the Commissioner of Income Tax (Appeals) for AY 2016–17, where the core issue was whether disallowance under Section 11(2) was justified due to delayed filing of Form-10. The assessee had filed its return of income within the extended due date of 17.10.2016. However, Form-10, required for claiming accumulation of income for specific purposes under Section 11(2), was not filed along with the return. Consequently, the Assessing Officer disallowed Rs.57,04,939...