Gujarat HC: Delayed Form 10B Not Ground to Deny Trust Exemption

Association of Indian Panel Board Manufacturer Vs DCIT (Gujarat High Court) In a significant ruling for charitable trusts and institutions, the Gujarat High Court has held that the denial of tax exemption under Sections 11(1) and 11(2) of the Income Tax Act, 1961, is not justified merely because the audit report in Form 10B was filed electronically after the income tax return but before the processing of the return by the tax authorities. The judgment, delivered in the case of the Association of Indian Panel Board Manufacturer against the Deputy Commissioner of Income Tax, came in a Tax Appeal...