Exemption Under Sections 11 & 12 Cannot Be Denied for Procedural Delay in Form 10B: ITAT Hyderabad

Global University Foundation Vs ITO (Exemption) (ITAT Hyderabad) In Global University Foundation vs. ITO (Exemption), the Income Tax Appellate Tribunal (ITAT) Hyderabad Bench addressed two key issues: (i) condonation of delay in filing the appeal, and (ii) denial of exemption under Sections 11 and 12 of the Income-tax Act, 1961, due to the delayed filing of audit report in Form 10B. The assessee, a charitable foundation, filed its appeal with a delay of 506 days against the order dated 14 July 2023 passed by the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NF...