CPC cannot Deny Section 11 Exemption for Delay in Filing Form 10B Audit Report

Isa Viswa Prajnana Trust Vs DCIT (ITAT Cochin) Income Tax Appellate Tribunal (ITAT), Cochin Bench, has ruled that the Centralised Processing Centre (CPC) was not justified in denying tax exemption to a charitable trust simply because its audit report was filed after the due date for the return of income and after the return was processed. The tribunal directed the CPC to amend its intimation and allow the exemption. The case involved the Isa Viswa Prajnana Trust, a registered charitable trust engaged in activities related to social and economic development, education, and environment. For the ...