Late Form 10B Filing Insufficient to Deny Section 11 Exemption: ITAT Ahmedabad

Electronics & Quality Development Centre Vs DCIT (Exemption) (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal, Ahmedabad concerned denial of exemption under section 11 of the Income-tax Act, 1961 for Assessment Year 2022–23 solely on the ground of belated filing of audit report in Form No. 10B. The assessee had originally filed its return of income declaring nil income on 07.11.2022 and subsequently filed a revised return on 31.12.2022, again declaring nil income after claiming exemption under section 11. Along with the revised return, the assessee electronically file...