Fling of form 10B before assessment proceedings is sufficient: Exemption u/s. 11 granted

Karnataka Chinmaya Seva Trust Vs ACIT (ITAT Bangalore) ITAT Bangalore held that once the audit report filed in form 10B to be available with the Assessing Officer before the assessment proceedings take place, the requirement of Law is satisfied. Thus, exemption under section 11 of the Income Tax Act allowed. Facts- The assessee trust has been granted registration u./s 12A of the Act. The assessee trust has also been granted approval u/s 80G of the Act. During the course of assessment proceedings, on a perusal of record, the AO observed that assessee has filed the return of income belatedly on ...