https://www.taxtmi.com/caselaws?id=772290 Whether exemption under s. 11 could be denied solely for belated filing of audit report in Form 10B was the dominant issue. The ITAT held that the Form 10B filing requirement, being a procedural rule-based condition for claiming a statutory exemption and previously relaxed by CBDT in earlier years, is directory rather than mandatory. Relying on HC authority, it held that when a taxpayer is otherwise entitled to a statutory benefit, the authority must examine admissibility on merits and cannot foreclose the claim on technicalities of delayed compliance. Consequently, denial of exemption on this ground was set aside and the appeal was allowed. en-us Wed, 04 Jun 2025 00:00:00 +0530 Wed, 07 Jan 2026 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772290 Whether exemption under s. 11 could be denied solely for belated filing of audit report in Form 10B was the dominant issue. The ITAT held that the Form 10B filing requirement, being a procedural rule-based condition for claiming a statutory exemption and previously relaxed by CBDT in earlier years, is directory rather than mandatory. Relying on HC authority, it held that when a taxpayer is otherwise entitled to a statutory benefit, the authority must examine admissibility on merits and cannot foreclose the claim on technicalities of delayed compliance. Consequently, denial of exemption on this ground was set aside and the appeal was allowed. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772290