Section 11 & 12 exemptions cannot be denied for late Form 10B filing: ITAT Ahmedabad

Vardhman Stanakvasi Jain Vs ITO (ITAT Ahmedabad) In a significant ruling for charitable organizations, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench today allowed an appeal filed by Vardhman Stanakvasi Jain, a registered trust, challenging an income addition made by the Income Tax Department. The tribunal’s decision clarifies the scope of adjustments permissible under Section 143(1) of the Income Tax Act, 1961, and re-emphasizes the procedural nature of filing Form 10B, an audit report crucial for claiming tax exemptions. The case centered on a dispute arising from the assessm...