Late filing of audit report doesn’t disentitle trust from benefit of exemption u/s. 11

DCIT Vs Jawaharlal Nehru Port Trust (ITAT Pune) ITAT Pune held that late filing of audit report cannot disentitle trust from availing benefit of section 11 of the Income Tax Act. Accordingly, order of CIT(A) allowing claim of exemption u/s. 11 upheld and appeal of revenue dismissed. Facts- Vide the present appeal, revenue has contested CIT(A) order by allowing claim of exemption under section 11 of the Income Tax Act. Revenue CIT(A) has not taken into consideration the fact that the assessee had failed to meet the mandatory requirements of Section 11 and 12 of the Act i.e. claiming exemption ...