Revenue Appeal Dismissed as Later CBDT Circular Allowed Delay in Filing Form 10B

CIT Exemptions Vs Indian Sugar Mills Association (Calcutta High Court) The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal for Assessment Year 2018-19, which had upheld the decision of the Commissioner of Income Tax (Appeals), NFAC allowing the assessee’s claim relating to delayed filing of Form 10B. Revenue’s Contentions The Revenue questioned the Tribunal’s decision deleting the adjustment made under Section 143(1) by allowing exemption under Section 11 amounting to ₹3,97,02,996, despite the...