Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority
Income Tax Appellate Tribunal, Bengaluru in case of GEAR Foundation Vs The ACIT, Exemptions in ITA No.1389/Bang/2024 has held that:
1) Accumulation under Section 11(2) of the Income-tax Act, 1961 cannot be denied on the ground of non-filing of Form 10 when delay is condoned by appropriate authority. (In favor of the Assessee)
2) Allow claim of depreciation on assets wherein actual cost of the asset is not claimed as application of income after verification of documents (Matter remanded back to AO with specific direction to substantiate depreciation is claimed only on assets not claimed as application of income in earlier years)
The copy of the order is as under:
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