A.O should take cognizance of the revised audit report in Form No. 10B & allow benefits enshrined in Sec 11 of the Act

Last updated: 25 January 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled that the Assessing Officer must consider a revised audit report submitted in Form 10B. This decision allows the Children Book Trust to claim benefits under Section 11 of the Income Tax Act, 1961, specifically concerning an accumulated sum of Rs. 52,00,000. The Tribunal found that the conditions for accumulation were met.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the assessee against order dated 01/09/2017 passed by CIT(A)-40, Delhi for assessment year 2014-15.

Citation :
I.T.A. No. 7219/DEL/2017 (A.Y 2014-15)

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