Orissa HC Quashes Order Rejecting Form-10B Delay Condonation

Oneness Educational Vs CIT (Exemption) (Orissa High Court) Orissa High Court ruled in favor of Oneness Educational Trust, an educational and charitable institution registered under Section 12A of the Income Tax Act, 1961. The case arose after the trust’s tax exemption claims were disallowed due to a delay in filing the audit report in Form-10B for Assessment Year (AY) 2021-22. This led to a tax demand of ₹5.47 crore. Additionally, the trust inadvertently failed to claim a past deficit of ₹5.41 crore against its income for AY 2021-22, which would have reduced its tax liability. In an atte...