https://www.taxtmi.com/caselaws?id=465785 Exemption under section 11 was treated as not allowable at the processing stage under section 143(1) where the prescribed audit report in Form 10B had not been filed by the specified date. The audit report was regarded as a condition precedent for the claim, so its absence made the exemption claim incorrect within the meaning of the Explanation to section 12(1). A pending request for condonation under section 119(2)(b) was noted only as a matter that could affect the intimation if later allowed. The denial of exemption was upheld. 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 section 11 was treated as not allowable at the processing stage under section 143(1) where the prescribed audit report in Form 10B had not been filed by the specified date. The audit report was regarded as a condition precedent for the claim, so its absence made the exemption claim incorrect within the meaning of the Explanation to section 12(1). A pending request for condonation under section 119(2)(b) was noted only as a matter that could affect the intimation if later allowed. The denial of exemption was upheld. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465785