https://www.taxtmi.com/caselaws?id=465785 Exemption under s.11 was denied where a s.12A-registered trust claimed exemption in its return filed within the s.139(1) due date but did not furnish the mandatory audit report in Form 10B by the specified date. The ITAT held that filing Form 10B within the prescribed time is a condition precedent to a valid s.11 claim; absence of the report renders the claim an "incorrect claim" for purposes of processing under s.143(1) read with the relevant Explanation, justifying adjustment and disallowance. The appeal was dismissed, with clarification that any later condonation under s.119(2)(b) could enable rectification of the intimation accordingly. en-us Mon, 27 Jan 2025 00:00:00 +0530 Thu, 08 Jan 2026 21:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465785 Exemption under s.11 was denied where a s.12A-registered trust claimed exemption in its return filed within the s.139(1) due date but did not furnish the mandatory audit report in Form 10B by the specified date. The ITAT held that filing Form 10B within the prescribed time is a condition precedent to a valid s.11 claim; absence of the report renders the claim an "incorrect claim" for purposes of processing under s.143(1) read with the relevant Explanation, justifying adjustment and disallowance. The appeal was dismissed, with clarification that any later condonation under s.119(2)(b) could enable rectification of the intimation accordingly. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465785