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SECTION 11 OF THE INCOME-TAX ACT, 1961 – CHARITABLE OR RELIGIOUS TRUST – EXEMPTION OF INCOME FROM PROPERTY HELD UNDER

January 17, 2024

Form 10B, filing of : Where assessee-trust filed Audit Report in Form 10B belatedly and AO denied exemption under section 11 on ground that Form 10B was not filed along with return of income, since Audit report was not considered and verified by AO, impugned order was to be set aside and AO was to be directed to verify Form 10B and then allow claim of exemption under section 11 in accordance with law – Shree Charitable Trust v. Income-tax Officer (Exemption) – [2024] 158 taxmann.com 159 (Ahmedabad – Trib.)

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