https://www.taxtmi.com/caselaws?id=790466 Exemption under sections 11 and 12 requires audit and furnishing of Form 10B under section 12A(1)(b). Delayed filing of the prescribed audit report is treated as a procedural defect where the correct Form 10B is available to the Assessing Officer before return processing under section 143(1), since this fulfils the statutory purpose of verifying eligibility. Filing the report before processing therefore constitutes sufficient compliance and does not justify denial of exemption. The availability of condonation powers under section 119(2)(b) does not prevent appellate relief on the same facts. en-us Tue, 07 Apr 2026 00:00:00 +0530 Thu, 23 Apr 2026 15:51:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790466 Exemption under sections 11 and 12 requires audit and furnishing of Form 10B under section 12A(1)(b). Delayed filing of the prescribed audit report is treated as a procedural defect where the correct Form 10B is available to the Assessing Officer before return processing under section 143(1), since this fulfils the statutory purpose of verifying eligibility. Filing the report before processing therefore constitutes sufficient compliance and does not justify denial of exemption. The availability of condonation powers under section 119(2)(b) does not prevent appellate relief on the same facts. Case-Laws Income Tax Tue, 07 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790466