Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Furnishing Form No. 10B for a charitable trust is procedural and directory; a one-day delay cannot by itself defeat exemption under section 11 when substantive statutory conditions are met. ITAT treated denial of the exemption solely on account of the delayed audit report as unsustainable and directed that the claimed exemption be granted, subject to fulfilment of the remaining substantive conditions. The appeal was allowed.
Furnishing Form No. 10B for a charitable trust is procedural and directory; a one-day delay cannot by itself defeat exemption under section 11 when substantive statutory conditions are met. ITAT treated denial of the exemption solely on account of the delayed audit report as unsustainable and directed that the claimed exemption be granted, subject to fulfilment of the remaining substantive conditions. The appeal was allowed.
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