Section 11 & 12 Exemption cannot Be Denied Merely for Late Form 10B, Corpus Donations Exemption Cannot Be Denied Without Hearing

Tirupur Vision Rotary Trust Vs ACIT (Exemptions) (ITAT Chennai) Exemption Under Section 11 & 12 Not to Be Denied Merely for Late Form 10B – Matter Sent Back- Corpus Donations & 11/12 Benefits to be Re-Examined The dispute concerned denial of exemption on corpus donations & disallowance of benefits u/ss 11 & 12 due to late filing of audit report. The Trust filed return at Nil after claiming exemption of ₹12,84,457. CPC, while processing u/s 143(1), disallowed corpus donations of ₹29,57,595 & denied exemption u/ss 11 & 12, citing delay in filing Form 10B. The Addl. ...