Review of non-taxability of interest from FDRs as exempt as part of Corpus Fund u/s 11(1)(d) was remanded back to AO

National Culture Fund Vs ITO (ITAT Delhi) Conclusion: The matter was remanded back to AO to review the non-taxability of interest from Fixed Deposit Receipts (FDRs) as part of the Corpus Fund under Section 11(1)(d) and and the decision of CIT(E) in respect of the condonation application in filing Form 10B belatedly. Held: Assessee was a national fund created, by a notification of Ministry of Human Resources Development (Department of Culture) registered under section 12A. The return of income was filed declaring total income of Rs.84,24,460/-. During assessment proceedings, AO informed assesse...