https://www.taxtmi.com/highlights?id=102248 Delayed furnishing of Form 10B does not defeat a charitable-trust exemption claim where the audit report is available before processing or completion of assessment and no independent ground exists to disallow application of income. The text applies the principle that a required audit certificate filed before the final assessment order allows the related claim to be considered, distinguishing a decision involving withdrawal from an exemption based on a declaration with an immediate assessment impact. On that basis, verification and allowance of exemption for application of income was affirmed; the Revenue's appeal failed and the cross-objection became academic. en-us Fri, 31 Jul 2026 12:57:53 +0530 Fri, 31 Jul 2026 12:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102248 Delayed furnishing of Form 10B does not defeat a charitable-trust exemption claim where the audit report is available before processing or completion of assessment and no independent ground exists to disallow application of income. The text applies the principle that a required audit certificate filed before the final assessment order allows the related claim to be considered, distinguishing a decision involving withdrawal from an exemption based on a declaration with an immediate assessment impact. On that basis, verification and allowance of exemption for application of income was affirmed; the Revenue's appeal failed and the cross-objection became academic. Highlights Income Tax Fri, 31 Jul 2026 12:57:53 +0530 https://www.taxtmi.com/highlights?id=102248