Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts

Where assessee trust could not file audit report as its accounts having been seized were released for quite a shorter time period before filing of return, however, the audit report had been filed along with revised return filed by assessee even before last date prescribed for completion of assessment, AO was not justified in denying exemption under section 11. Full Text of the High Court Judgment / Order is as follows:- This appeal by the Revenue is directed against the order dated 30-6-2003 passed by the Income Tax Appellate Tribunal (“ITAT”) in I.T.A. No. 4650/Delhi/97 for the assessment...