ITAT Mumbai Restored Section 11 Exemption After Delay in Form 10B is Condoned

Advertisement Cosmopolitan Education Society Vs ACIT (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai Bench arose from the denial of exemption under section 11 of the Income-tax Act, 1961, for Assessment Year 2019–20 due to belated filing of audit report in Form 10B. The assessee had filed its return of income on 26.10.2019 declaring nil income after claiming exemption of ₹19,19,54,063 under section 11. While processing the return under section 143(1)(a), the Centralised Processing Centre disallowed the exemption on the ground that Form 10B had not been e-filed ...