Denial of exemption under section 11 for delayed or non-simultaneous Form 10B upload held impermissible; technical errors not fatal

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....ITAT allowed the appeal of the assessee, holding that denial of exemption u/s 11 on account of delayed filing or non-simultaneous uploading of the audit report in Form No.10B is impermissible where substantive statutory conditions for exemption are satisfied. The Tribunal determined the requirement to file Form No.10B with the return is procedural/directory, not mandatory, and technical discrepancies (including an incorrect entry of section 10(23C)(iv) instead of section 11) cannot defeat the assessee's substantive right to exemption. Consequently, the CPC and JCIT(A)'s actions assessing gross receipts as taxable income were set aside and the exemption u/s 11 was restored.....