https://www.taxtmi.com/caselaws?id=787148 Denial of charitable trust exemption for two assessment years on account of delayed audit-report filing is remitted for fresh adjudication: authorities must consider the assessee's pending condonation applications and applicable administrative clarifications before deciding entitlement to exemption, and if exemption is refused the tax officer must assess only the surplus after verifying and allowing relevant expenditures and application of receipts. Separately, levy of a penalty for undisclosed cash receipt is set aside because no recorded satisfaction existed in assessment or related proceedings to validly initiate penalty and limitation and procedural prerequisites were not met. en-us Wed, 18 Feb 2026 00:00:00 +0530 Mon, 23 Feb 2026 10:39:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787148 Denial of charitable trust exemption for two assessment years on account of delayed audit-report filing is remitted for fresh adjudication: authorities must consider the assessee's pending condonation applications and applicable administrative clarifications before deciding entitlement to exemption, and if exemption is refused the tax officer must assess only the surplus after verifying and allowing relevant expenditures and application of receipts. Separately, levy of a penalty for undisclosed cash receipt is set aside because no recorded satisfaction existed in assessment or related proceedings to validly initiate penalty and limitation and procedural prerequisites were not met. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787148