https://www.taxtmi.com/caselaws?id=798967 Belated furnishing of the audit report in Form No. 10B does not by itself disentitle a charitable trust from exemption under sections 11 and 12 where the report was obtained before the return was filed. The filing requirement is procedural and directory, not mandatory, when substantial compliance exists. Denial of the statutory exemption solely because the prescribed audit report was furnished late is therefore unwarranted, particularly where equivalent exemption claims were accepted in adjacent assessment years. The exemption claim under section 11 was consequently allowed. en-us Thu, 10 Sep 2026 00:00:00 +0530 Tue, 15 Sep 2026 08:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798967 Belated furnishing of the audit report in Form No. 10B does not by itself disentitle a charitable trust from exemption under sections 11 and 12 where the report was obtained before the return was filed. The filing requirement is procedural and directory, not mandatory, when substantial compliance exists. Denial of the statutory exemption solely because the prescribed audit report was furnished late is therefore unwarranted, particularly where equivalent exemption claims were accepted in adjacent assessment years. The exemption claim under section 11 was consequently allowed. Case-Laws Income Tax Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798967