Extension of Deadline by CBDT: ITAT deletes Addition of Deemed Income to Trust for Belated Filing of Form 10B

The ITAT deleted the addition of deemed income to a trust due to the belated filing of Form 10B, citing the Central Board of Direct Taxes (CBDT)'s extension of the deadline. The trust had filed Form 10B after the due date, leading to the addition of deemed income by the AO. However, the ITAT noted that the CBDT had extended the deadline for filing Form 10B, and therefore, the addition of deemed income was not justified. This ruling provided relief to the trust by acknowledging the extended deadline and ensuring that the trust’s income was not unfairly taxed.