Trusts Can Claim Section 11 Exemption Despite Late Form 10B Submission

Suigam Khodadhor Panjara Pole Vs Assistant Director of Income-tax (ITAT Surat) In a significant ruling for charitable and religious trusts, the Income Tax Appellate Tribunal (ITAT) Surat Bench has held that an exemption under Section 11 of the Income Tax Act, 1961, cannot be denied to an assessee solely on the grounds of late filing of Form 10B (audit report), provided the form is submitted to the tax authorities before the issuance of an order or intimation under Section 143(1) of the Act. The decision came in the appeal filed by Suigam Khodadhor Panjara Pole against an order from the Commiss...