Delay in filing form 10B condoned via circular hence deduction towards application and accumulation of funds allowable

Mulki Sundar Ram Shetty Nagar Ayyappa Swamy Temple Trust Vs ITO (Exemptions) (ITAT Bangalore) ITAT Bangalore held that delay in filing Form 10B in the relevant period was condoned as per Circular No.10 (F.No.197/55/2018) dated 22.5.2019, accordingly, deduction towards application and accumulation of funds is duly allowable. Facts- The CPC while processing the return denied the claim towards application of funds amounting to Rs.97,48,271/- towards the objects of the trust and denied the deduction towards accumulation u/s 11(1) of the Act also. The reason for the denial was stated to be the dela...