M/S AKKI BAI OSWAL TRUST , LUDHIANA V. INCOME TAX OFFICER ( EXEMPTIONS) , JALANDHAR

ITA 206/ASR/2023

AI Insights

The case involves M/s Akki Bai Oswal Trust, which appealed against the order of the CIT (A) confirming the demand for tax due to the rejection of the trust's exemption claim. The exemption was initially rejected by the CPC, Bengaluru, because the trust filed its audit report in Form 10B late. The trust argued that the delay was covered by the CBDT Circular no. 16/2022, which extended the time for filing Form 10B. The CIT (A) rejected the trust's appeal, leading to the current appeal before the Tribunal. The Tribunal dismissed the appeal, allowing the trust to re-appeal after the CIT (E) decides on the pending matter regarding the delayed audit report.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 114806 (ITAT-AMRITSAR)
• Duration Of Justice: 1 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-08-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 20-08-2023
• Assessment Year: 2022-2023
• Appeal Filed On: 04-07-2023
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Condonation of delay
• Section: 10B; 143(1); 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. BEFORE DR. M. L. MEENA, ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE, JUDICIAL MEMBER I.T.A. No. 206/Asr/2023 Assessment Year: 2022-23 M/s Akki Bai Oswal Trust C/o Oswal Spinning & Weaving Mills Ltd. G.T. Road, Jugiana, Ludhiana. [PAN:-AAATA5003D] (Appellant) Vs. Income Tax Officer(Exemptions), Ward- Jalandhar.(Through CPC, Bengaluru. (Respondent) Appellant by Sh. Ashwani Kumar, CA Respondent by Sh. Ravinder Mittal, Sr.DR. Date of Hearing 21.08.2023 Date of Pronouncement 23.08.2023 ORDER Per: Anikesh Banerjee, JM: The instant appeal of the assessee was filed against the order of the ld. NFAC, Delhi, (in brevity ‘the CIT (A)’) order passed u/s 250 of the Income-tax Act, 1961 (in brevity the Act) for assessment year 2022-23. The impugned order was emanated from the order of the ld. CPC, Bengaluru, (in brevity the ld. AO) order passed u/s 143(1) of the Act. 2. Brief fact of the case is that the assessee is a trust and filed audit report in Form 10B in delay. So, the entire exemption of Trust was rejected by the CPC. I.T.A. No. 206/Asr/2023 Assessment Year: 2022-23 2 The assessee filed the appeal before the ld. CIT(A) by challenging the intimation. The assessee prayed to accept the Audit report and quash the demand. Later, the Circular was issued by the CBDT bearing no. 16/2022 dated 19.07.2022 for extension of time for delay in filing the Form 10B. The assessee applied for this, and the matter is pending before the ld. CIT(E). But the ld. CIT(A) rejected the submission of the assessee and confirmed the demand and dismissed the appeal of the assessee. Being aggrieved assessee filed an appeal before us. 3. The ld. AR in his argument stated that the assessee made delay in filing Form 10B before the authority. The ld. AR relied on the CBDT Circular no. 16/2022 dated 19.07.2022. A copy of the audit report is enclosed in APB pages 3 to 11. The matter is pending before the ld. CIT(E) for consideration of the audit report filed in delay. The ld. AR prayed for abatement of the appeal petition and request for further recall the matter after completion of pending action of the assessee, 4. The ld. DR had not made any objection against the submission of the ld. AR. 5. The assessee applied for condonation of delay for filing the audit report in Form 10B. The matter is still pending before the ld. CIT(E) for acceptance.Thus, in view of the above, we dismissed the present appeal filed by the assessee with liberty that upon completion of pending action, the assessee I.T.A. No. 206/Asr/2023 Assessment Year: 2022-23 3 may prefer to appeal a fresh or seek recall of order after fixation of pending action. 6. In the result, the appeal of the assessee bearing ITA No. 206/Asr/2023 is dismissed. Order pronounced in the open court on 23.08.2023 Sd/- Sd/- (Dr. M. L. Meena) (ANIKESH BANERJEE ) Accountant Member Judicial Member AKV Copy of the order forwarded to: (1)The Appellant (2) The Respondent (3) The CIT (4) The CIT (Appeals) (5) The DR, I.T.A.T. True Copy By order