https://www.taxtmi.com/caselaws?id=796096 Delayed furnishing of Form 10B does not disentitle a registered charitable trust from exemption for application of income where the audit report is available to the assessing authority before processing of the return under section 143(1). The requirement is met when the report is furnished before return processing. A rule requiring a declaration to opt out of exemption under section 10B was distinguishable because that declaration directly affects the return and assessment from the outset. The applicable principle is that an audit report submitted before completion of assessment supports an exemption or deduction claim; accordingly, the trust's exemption claim was sustained. en-us Tue, 28 Jul 2026 00:00:00 +0530 Fri, 31 Jul 2026 08:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796096 Delayed furnishing of Form 10B does not disentitle a registered charitable trust from exemption for application of income where the audit report is available to the assessing authority before processing of the return under section 143(1). The requirement is met when the report is furnished before return processing. A rule requiring a declaration to opt out of exemption under section 10B was distinguishable because that declaration directly affects the return and assessment from the outset. The applicable principle is that an audit report submitted before completion of assessment supports an exemption or deduction claim; accordingly, the trust's exemption claim was sustained. Case-Laws Income Tax Tue, 28 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796096