Section 11 Exemption valid Despite Late Form 10B Filing if filed before Section 143(1) order issuance

Shiksha Foundation Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has delivered a significant ruling in the appeal filed by Shiksha Foundation, a charitable trust, against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for the assessment year 2018-19. The Tribunal addressed two key issues: the denial of exemption under Section 11 of the Income Tax Act, 1961, due to a delay in filing the audit report (Form 10B), and the levy of a fee under Section 234F for delayed filing of the income tax return. In a decision providing relief to the assessee, the...