Form 10B Delay Cannot Defeat Charitable Exemption When Report Filed Before Processing

Rotary Club of Bombay Queens Necklace Charitable Trust Vs ITO (Exem.) (ITAT Mumbai) The assessee, a public charitable trust registered under the Maharashtra Public Trusts Act, 1950 and Section 12AB of the Income Tax Act, filed its return of income for Assessment Year 2023–24 claiming exemption under Sections 11 and 12. The return was filed within the extended due date, declaring a nominal income and claiming a refund. However, the audit report in Form No. 10B, required under Section 12A(1)(b), was filed with a delay of 29 days beyond the extended due date of 31.10.2023, though it was submitt...