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Cbdt-Instruction F NO.267-482-77-IT DATED-9-2-1978

The document discusses the requirement for charitable trusts to file an audit report in Form 10B along with their tax return to claim exemption under sections 11 and 12 of the Income Tax Act. It says that while the audit report should normally be filed along with the return, exemption should not be denied if there is a delay in filing the report for reasons beyond the trust's control, as long as the Income Tax Officer records reasons for accepting a belated audit report.

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322 views1 page

Cbdt-Instruction F NO.267-482-77-IT DATED-9-2-1978

The document discusses the requirement for charitable trusts to file an audit report in Form 10B along with their tax return to claim exemption under sections 11 and 12 of the Income Tax Act. It says that while the audit report should normally be filed along with the return, exemption should not be denied if there is a delay in filing the report for reasons beyond the trust's control, as long as the Income Tax Officer records reasons for accepting a belated audit report.

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arunjain022
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BOARD'S INSTRUCTION NO. 1/1148 [F.NO. 267/482/77-IT(PART)]

Charitable trust—Requirement of filing audit report in Form 10B—Sec. 12A(b)—Instructions regarding

09/02/1978
CHARITABLE TRUSTS

SECTIONS 12A,

The Board have considered whether the requirement under s. 12A(b) of filing audit report ‘along with the return of
income' is mandatory so as to disentitle the trust from claiming exemption under ss. 11 and 12 in case of omission to
furnish such report in the prescribed form along with the return.

Normally, it should be possible for a charitable or religious trust or institution to file the auditor's report along with the
return of total income, where such trust or institution claims exemption under ss. 11 and 12. However, in cases where
for reasons beyond the control of the assessee some delay has occurred in filing the said report the exemption as
available to such trust under ss. 11 and 12 may not be denied merely on account of delay in furnishing the auditor's
report and the ITO should record reasons for accepting a belated audit report.

SOURCE : [CBDT Bulletin Tech XXIII/582, reported in CIT vs. Rai Bahadur Bisseswarlal Motilal Malwasie Trust TC
23R.1471]

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