Late Filing of Form 10B Valid if Before Assessment Completion: ITAT Mumbai

Yuvak Pratishthan Vs ITO (ITAT Mumbai) In Yuvak Pratishthan v. ITO (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) Mumbai dealt with whether a charitable trust’s late filing of audit report in Form 10B could invalidate its claim for exemption when the form was submitted before completion of assessment. The assessee, Yuvak Pratishthan, a charitable trust registered with the Charity Commissioner, Mumbai, filed its return of income for Assessment Year (AY) 2023–24 on 30 November 2023. The trust declared income of ₹2,98,66,359 from its activities and claimed exemption under Section 1...