https://www.taxtmi.com/caselaws?id=792747 Delayed filing of Form 10B did not, by itself, justify denial of exemption under sections 11(1) and 11(2) where the audit report was on record before processing of the return. The Tribunal treated the furnishing of the audit report as a substantive requirement, while the timing and manner of filing were procedural. It also held that recourse to condonation under section 119(2)(b) was only an additional remedy and not a compulsory precondition to consider the effect of late filing. The assessee was therefore entitled to the exemption, and the Assessing Officer was directed to recompute the assessment after accepting the audit report. en-us Fri, 08 May 2026 00:00:00 +0530 Tue, 02 Jun 2026 12:10:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792747 Delayed filing of Form 10B did not, by itself, justify denial of exemption under sections 11(1) and 11(2) where the audit report was on record before processing of the return. The Tribunal treated the furnishing of the audit report as a substantive requirement, while the timing and manner of filing were procedural. It also held that recourse to condonation under section 119(2)(b) was only an additional remedy and not a compulsory precondition to consider the effect of late filing. The assessee was therefore entitled to the exemption, and the Assessing Officer was directed to recompute the assessment after accepting the audit report. Case-Laws Income Tax Fri, 08 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792747