ITAT Quashes Order Rejecting Approval u/s 80G of Income Tax Act as CBDT Extended Due Date for Filing Form 10AB

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) overturned the CIT (Exemptions), Bangalore's decision to reject Carers World Wide's approval under Section 80G of the Income Tax Act. The tribunal's decision was based on the Central Board of Direct Taxes (CBDT) extending the deadline for filing Form 10A/10AB to June 30, 2024, via a press release. Carers World Wide had applied for regularization under Section 80G, filing Form 10AB belatedly, which the CIT had initially rejected. The tribunal observed that the CBDT's extension was applicable, thereby remanding the case to the CIT for reconsideration. Section 80G allows deductions for donations to specific charitable institutions or funds, applicable to both individuals and companies. This ruling underscores the significance of timely compliance with procedural requirements under the Income Tax Act, ensuring entities can avail themselves of tax benefits without undue procedural constraints.