Late Form 10B Filing a Procedural Lapse: ITAT grants Section 11 exemption

Bhavnagar Dashashrimali Meshree Vanik Gnati Vs ADIT (ITAT Ahmedabad)

 The ITAT Ahmedabad addressed an appeal by Bhavnagar Dashashrimali Meshree Vanik Gnati against the rejection of Section 11 exemption due to a delayed submission of Form 10B for Assessment Year 2019-20. The Revenue authorities disallowed the exemption, citing non-compliance with the mandatory requirement to file the audit report alongside the income tax return. The Assessee argued that this delay was procedural, not substantive, and that the accounts were audited before filing the return, evidenced by the u

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