Delay in Filing Form 10/10B Doesn’t Deny Section 11(2) Exemption: ITAT Hyderabad

Darga Ehazrat Syedshah Khwajadas Chisti Unnayabi Perpetual Trust Vs ITO (ITAT Hyderabad) In the case of Darga Ehazrat Syedshah Khwajadas Chisti Unnayabi Perpetual Trust vs. ITO, ITAT Hyderabad ruled that failure to file Form 10/10B within the prescribed deadline does not invalidate the claim for exemption under Section 11(2) of the Income Tax Act, 1961. The trust filed its Form 10B for the 2020-21 assessment year belatedly, which led to the denial of exemptions by the CPC during income processing under Section 143(1). The CIT(A) upheld the decision, citing procedural requirements. However, ITA...