Delay in Form 10 Can’t Defeat Charity: ITAT Revives ₹1.28 Crore Section 11(2) Accumulation Claim

Fatima High School Vs ITO (ITAT Mumbai) The Mumbai ITAT granted major relief to Fatima High School by holding that once the delay in filing Form 10 is condoned and the return is filed within the due date under section 139(1), exemption under section 11(2) cannot be denied merely on technical grounds. The Assessing Officer had denied accumulation of ₹1.28 crore under section 11(2) on the ground that Form 10 was filed belatedly along with the revised return. The CIT(A) further proceeded on the incorrect assumption that the original return itself was filed belatedly under section 139(4A). Howev...