Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Change of corporate management after approved resolution plan - writ maintainable; property attachment not 'transfer' under PBPT; Section 32A protecti...
ITAT allowed the appeal of the assessee-trust and set aside denial of exemption u/s 11 and 12. It held that the requirement of filing Form 10B along with the return is procedural, not mandatory in a manner defeating substantive rights, where the audit report is ultimately furnished. Since Form 10B was filed during pendency of the first appellate proceedings before CIT(A), the trust's compliance with audit requirements stood satisfied. The delayed filing was treated as a curable procedural defect, insufficient to disentitle an otherwise compliant charitable trust from exemption.
ITAT allowed the appeal of the assessee-trust and set aside denial of exemption u/s 11 and 12. It held that the requirement of filing Form 10B along with the return is procedural, not mandatory in a manner defeating substantive rights, where the audit report is ultimately furnished. Since Form 10B was filed during pendency of the first appellate proceedings before CIT(A), the trust's compliance with audit requirements stood satisfied. The delayed filing was treated as a curable procedural defect, insufficient to disentitle an otherwise compliant charitable trust from exemption.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
