International Resources For Fairer Trade Vs Union of India And Ors (Bombay High Court)
This summary details the Bombay High Court’s decision regarding a charitable trust’s petition for condonation of delay in e-verifying its audit report (Form No. 10B) for the Assessment Year (A.Y.) 2017-18, a requisite for claiming income tax exemption under Section 11 of the Income Tax Act, 1961 (IT Act). The court set aside the Commissioner of Income Tax’s (Exemptions) order and directed the acceptance of the belated filing.
Case Summary
The case of International Resources For Fairer Trade Vs Union of India And Ors before the Bombay High Court arose from a challenge to an order dated November 9, 2023, passed by the Commissioner of Income Tax (Exemptions), Mumbai (Respondent No. 2). The Commissioner had rejected the petitioner’s application for condonation of delay in e-verifying/accepting its audit report in Form No. 10B.
The Petitioner and Compliance Requirements
The petitioner, International Resources For Fairer Trade, is a Public Charitable Trust established in 1995, which had received approval under Section 12A/12AA of the IT Act. Under Section 12A(b) of the IT Act, a trust whose income exceeds the maximum amount not chargeable to tax must have its accounts audited and file the audit report in Form No. 10B on or before the due date for filing the income tax return under Section 139.
