Form 10BB Validation Delay: ITAT allows Section 10(23C)(vi) Exemption

Krantidevta Savitribai Phule Shikshan Sanstha Vs ITO (Exemption) (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled in favor of Krantidevta Savitribai Phule Shikshan Sanstha, granting a tax exemption of ₹4.07 crore under Section 10(23C)(vi) of the Income Tax Act, 1961. The tribunal overturned the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], Faridabad, which had denied the exemption due to a procedural delay in validating Form 10BB. ITAT found that the delay in verification did not justify the denial of exemption, as the form was obtained and uploaded ...