Belated Form 10B Doesn’t Warrant Taxing Entire Receipts

Vivekanand Shikshan Prasarak Mandal Vs ITO (ITAT Pune) Belated Form 10B can’t justify taxing gross receipts: ITAT directs normal-rate assessment of surplus ITAT Pune set aside NFAC/CIT(A) order which had upheld CPC’s action of taxing entire gross receipts by denying exemption u/s 11 due to belated filing of return & Form 10B audit report. Assessee-trust had filed an updated return declaring gross receipts of about ₹1.39 crore, claimed expenses of about ₹1.38 crore & disclosed marginal surplus after claiming exemption u/s 11. CPC denied exemption & taxed whole receipts. Trib...