Section 11 exemption cannot be denied for delay in Audit Report (Form 12B) submission

Karma Falya Trust Vs DCIT (ITAT Ahmedabad)  Introduction: The recent ruling by the Income Tax Appellate Tribunal (ITAT) Ahmedabad in the case of Karma Falya Trust vs. DCIT sheds light on the implications of failure to file an audit report along with the return of income. This article delves into the details of the case, analyzing the grounds of appeal, arguments presented, and the tribunal’s decision. Detailed Analysis: The appeal filed by Karma Falya Trust contested the order passed by the Commissioner of Income Tax (Appeals) for the Assessment Year 2018-19. The primary issue revolved ...