Timely filing of Form 10B Not Mandatory for Sections 11 & 12 Exemptions: ITAT Pune

Chandi Karakhandar Association Vs ITO [Exemption] (ITAT Pune) Income Tax Appellate Tribunal (ITAT) Pune has ruled that the timely filing of Form 10B is not a mandatory condition for claiming exemptions under Sections 11 and 12 of the Income Tax Act. This decision came in the case of Chandi Karakhandar Association Vs. ITO (Exemption) for the assessment year 2017-18. The ruling addresses the issue of whether the late submission of the audit report in Form 10B should result in the denial of exemptions for charitable or religious trusts. The assessee, Chandi Karakhandar Association, had filed an a...