Form 10 B delay Relief

The Guwahati Bench of the Income Tax Appellate Tribunal (ITAT) held that exemption under Sections 11 and 12 cannot be denied during processing of a return under Section 143(1) merely because Form 10B was filed belatedly, particularly when the audit report was already available on record at the time of processing. 

The Tribunal observed that filing of Form 10B is a procedural requirement and directed the appellate authority to reconsider the matter after taking into account the outcome of the assessee's pending condonation application before the competent authority.