No Automatic Exemption Denial on Delayed Form 10B: ITAT Cochin

Ammini Foundation Vs DCIT (ITAT Cochin) In a ruling with implications for charitable trusts and institutions, the Income Tax Appellate Tribunal (ITAT), Cochin bench, has held that the Centralized Processing Centre (CPC) is not justified in automatically denying exemption under Section 11 of the Income Tax Act, 1961, solely on the ground of delayed filing of the audit report in Form 10B during the centralised processing of income tax returns under Section 143(1)(a). The tribunal’s decision came in the case of Ammini Foundation, a charitable trust registered under Section 12AA of the Act, ...