Delay in Filing Form 10B Won’t Deny Sec. 11 Exemption: Gujarat HC

CIT Vs Gujarat Energy Development Agency (Gujarat High Court) The Gujarat High Court has dismissed an appeal filed by the Income Tax Department against the Gujarat Energy Development Agency (GEDA), affirming that the delayed submission of an audit report in Form 10B by a charitable trust is a procedural requirement and does not automatically lead to the denial of exemption under Section 11 of the Income Tax Act, 1961. The ruling, for Assessment Year 2018-19, distinguishes the present case from a Supreme Court decision concerning Section 10B. Case Background Gujarat Energy Development Agency (G...