Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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 4824 
Join Channel 
