TaxTMI 
TaxTMI 
2024 (10) TMI 664
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....No. 695/Ahd/2023 for Assessment Year 2021-2022: "(i) Whether in the law and facts and circumstances of case, Hon'ble Income Tax Appellate Tribunal was right in holding that furnishing of audit report in form 10B is a procedural provision in spite of specific provisions of clause (b) of sub-section (1) of Section 12A of the Income Tax Act, 1961 especially in view of the decision of the Hon'ble Supreme Court in the case of M/s Wipro Ltd in Civil Appeal No.1449 of 2022 wherein it has been held that, "the Exemption provisions are to be strictly and literally complied with an the same cannot be construed as procedural requirement? (ii) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal is justified in....
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....red an appeal before the Tribunal who by impugned order dated 07.02.2024 allowed the appeal relying upon the decision of this Court in the case of Association of Indian Panel Board Manufacturer vs. DCIT reported in [2023] 157 taxmann.com 550 (Gujarat). The Tribunal has observed as under: "10. In view of the above, it is evident that the assessee had demonstrated to the ld. CIT(A) that the necessary Form 10B had been prepared much in advance before the due date of filing of return of income and had been filed before the ld. CIT(A) also. 11. In the light of the above facts, we hold that since the failure to file Form No.10B was the only reason for the adjustment made to the return of income of the assessee subjecting its entire income to....
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....ee has ceased to be a religious or charitable institution. Further, it is also not the case of the Revenue that the accounts of the assessee have not been audited by an accountant, and an audit report in Form 10B has not been obtained. Only on the technical aspect that Form 10B was not filed along with the return of income for the relevant assessment year, the exemption claimed under section 11 of the Act has been denied to the assessee without going into the merits. Further, no relief was granted to the assessee even when the assessee filed the application under section 154 of the Act. We find that while dealing with similar facts the Coordinate Bench of the Tribunal in Trinity Education Trust v. ITO [IT Appeal No. 669 (Srt.) of 2018, date....
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....section 12A of the Act and substantially satisfied condition for availing benefit of exemption as a charitable could not be denied exemption, the assessee merely on bar of limitation in furnishing audit report in Form 10B. Considering the aforesaid and legal discussion, we find that though the assessee has not filed any return of income at the time, however, it was available before the Id. CIT(A) as it was uploaded much before filing application under section 154. Therefore, respectfully following the decisions of Hon'ble jurisdictional High Court in case of CIT v. Xavier Kalavani Mandal (P.) Ltd. (supra) and in Sarvodaya charitable Trust v. ITO (Exemption) (supra), we find that the assessee has complied the procedural requirement, ther....