November 2024
Return of income — Charitable purpose — Revised return of income — Delay — Condonation of delay — Genuine hardship — Power to condone delay to be exercised judiciously — Plea that deficit inadvertently not claimed in original return — Excess expenditure incurred in earlier assessment year can be set off against income of subsequent years — Assessee would be entitled to refund if allowed to file revised return — Establishment of genuine hardship — Bona fide reasons to be understood in context of circumstances — Application for condonation of delay to be allowed — Directions accordingly.
56. Oneness Educational and Charitable Trust vs. CIT(Exemption)
[2024] 466 ITR 654 (Ori)
A. Y. 2021–22: Date of order 9th March, 2024
Ss. 11(1), 119(2)(b) and 139(5)of ITA 1961
Return of income — Charitable purpose — Revised return of income — Delay — Condonation of delay — Genuine hardship — Power to condone delay to be exercised judiciously — Plea that deficit inadvertently not claimed in original return — Excess expenditure incurred in earlier assessment year can be set off against income of subsequent years — Assessee would be entitled to refund if allowed to file revised return — Establishment of genuine hardship — Bona fide reasons to be understood in context of circumstances — Application for condonation of delay to be allowed — Directions accordingly.
The assessee was an educational and charitable trust constituted for educational and charitable purposes registered u/s. 12A(1)(aa) of the Income-tax Act, 1961and was entitle
