Missed Form 10? ITAT Gives Trust a Lifeline – AO Directed to Await Condonation Decision Before Denying Section 11(2) Benefit

Friends of Sick Association Vs ITO (Exemption) (ITAT Bangalore) Missed Form 10? ITAT Gives Trust a Lifeline – AO Directed to Await Condonation Decision Before Denying Section 11(2) Benefit The Bangalore ITAT granted relief to Friends of Sick Association by restoring the matter to the Assessing Officer where exemption under Section 11(2) had been denied merely because Form 10 was not filed within the prescribed time, resulting in taxation of accumulated income of ₹93.36 lakh and a consequential demand of about ₹34.28 lakh. The CPC, while processing the return under Section 143(1), den...