https://www.taxtmi.com/caselaws?id=754201 ITAT Indore held that non-filing of audit report (Form 10B) with return of income constitutes mere procedural irregularity and cannot deny exemption under sections 11/12. The tribunal ruled that while assessee should have appealed against intimation under section 143(1) rather than rectification order under section 154, tax authorities cannot burden assessee with incorrect tax amount despite wrong appellate channel chosen. Following Gujarat HC precedent in Indian Panel Board Manufacturer case, the tribunal emphasized that CBDT circular providing condonation remedy is additional, not compulsory. Exemption under sections 11/12 cannot be denied solely for delayed audit report filing. en-us Thu, 16 May 2024 00:00:00 +0530 Tue, 18 Jun 2024 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754201 ITAT Indore held that non-filing of audit report (Form 10B) with return of income constitutes mere procedural irregularity and cannot deny exemption under sections 11/12. The tribunal ruled that while assessee should have appealed against intimation under section 143(1) rather than rectification order under section 154, tax authorities cannot burden assessee with incorrect tax amount despite wrong appellate channel chosen. Following Gujarat HC precedent in Indian Panel Board Manufacturer case, the tribunal emphasized that CBDT circular providing condonation remedy is additional, not compulsory. Exemption under sections 11/12 cannot be denied solely for delayed audit report filing. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754201