https://www.taxtmi.com/caselaws?id=287100 The case involved a trust seeking exemption under section 11 of the IT Act. The assessing authorities denied the exemption based on the applicability of section 13(1)(bb) to the trust's business income. The dispute also centered on the timing of audit report submission under section 12A(b), with the trust arguing for flexibility in filing before final assessment. The Tribunal allowed an additional ground on interpretation, emphasizing that the audit report should be submitted before final assessment, not necessarily with the return of income. It directed a reassessment considering the audit report for proper evaluation of exemption eligibility and application of section 13(1)(bb). en-us Mon, 30 Jan 1984 00:00:00 +0530 Sat, 28 Mar 2020 12:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287100 The case involved a trust seeking exemption under section 11 of the IT Act. The assessing authorities denied the exemption based on the applicability of section 13(1)(bb) to the trust's business income. The dispute also centered on the timing of audit report submission under section 12A(b), with the trust arguing for flexibility in filing before final assessment. The Tribunal allowed an additional ground on interpretation, emphasizing that the audit report should be submitted before final assessment, not necessarily with the return of income. It directed a reassessment considering the audit report for proper evaluation of exemption eligibility and application of section 13(1)(bb). Case-Laws Income Tax Mon, 30 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287100