Delay in Filing Form 10B Not Grounds to Deny Section 11 Exemption When Report Was Filed Before Processing

ACIT (Exemptions) Vs Shivai Vidya Prasarak Mandal (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai Bench, examined whether exemption under Section 11 of the Income Tax Act could be denied to a registered charitable trust on account of delayed filing of audit report in Form 10B. The trust, engaged in educational activities and registered under Section 12A/12AA, had filed its return declaring nil taxable income after claiming exemption under Section 11 and also filed Form 10B on the same day, prior to issuance of intimation under Section 143(1). However, the Central Processing Centre deni...