https://www.taxtmi.com/highlights?id=105693 Incorrect filing of a charitable trust's return in ITR-7 instead of ITR-5 constitutes a defective return requiring correction under the return-defect procedure. A technical defect in filing Form 10B does not, by itself, defeat the claimed charitable exemption. Exemption may be denied where the return is filed after the prescribed due date, but restoration remains available if delay is condoned under the applicable statutory power. Even where exemption is unavailable, taxable income must reflect the real audited surplus or deficit; gross receipts cannot be taxed merely because the exemption claim fails. Processing must therefore account for the corrected return, audited deficit, and any condonation decision. en-us Mon, 02 Nov 2026 08:31:40 +0530 Mon, 02 Nov 2026 08:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105693 Incorrect filing of a charitable trust's return in ITR-7 instead of ITR-5 constitutes a defective return requiring correction under the return-defect procedure. A technical defect in filing Form 10B does not, by itself, defeat the claimed charitable exemption. Exemption may be denied where the return is filed after the prescribed due date, but restoration remains available if delay is condoned under the applicable statutory power. Even where exemption is unavailable, taxable income must reflect the real audited surplus or deficit; gross receipts cannot be taxed merely because the exemption claim fails. Processing must therefore account for the corrected return, audited deficit, and any condonation decision. Highlights Income Tax Mon, 02 Nov 2026 08:31:40 +0530 https://www.taxtmi.com/highlights?id=105693