Exemption u/s 10(23C)(vi) Cannot Be Denied for Delay in Filing Audit Report: ITAT Kolkata

M P Birla Foundation Educational Society Vs DCIT (Exemption) (ITAT Kolkata) Exemption Cannot Be Denied for Technical Delay- Late Audit Report is Procedural – ITAT Kolkata Restores 10(23C)(vi) Exemption Claim Kolkata Tribunal dealt with denial of exemption u/s 10(23C)(vi) in an intimation issued u/s 143(1) for A.Y. 2018-19. Assessee, an educational society, filed return on 28.03.2019 claiming exemption of ₹26.65 crores u/s 10(23C)(vi). CPC, however, denied exemption in intimation u/s 143(1) dated 18.03.2020 on the ground that return & audit report in Form 10BB were filed belatedly beyon...