https://www.taxtmi.com/caselaws?id=756116 The Tribunal allowed the assessee's appeal, ruling that the denial of exemption under section 11 of the Income Tax Act, 1961, solely due to the late filing of Form 10B, is unjustified. It determined the requirement to file Form 10B is directory, not mandatory, especially when the form was available on record during the return's processing. The Tribunal dismissed the argument that the assessee needed to file a condonation application under Circular No. 2/2020, emphasizing that the exemption should not be denied based on procedural lapses when substantive compliance was evident. en-us Thu, 25 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756116 The Tribunal allowed the assessee's appeal, ruling that the denial of exemption under section 11 of the Income Tax Act, 1961, solely due to the late filing of Form 10B, is unjustified. It determined the requirement to file Form 10B is directory, not mandatory, especially when the form was available on record during the return's processing. The Tribunal dismissed the argument that the assessee needed to file a condonation application under Circular No. 2/2020, emphasizing that the exemption should not be denied based on procedural lapses when substantive compliance was evident. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756116