Assessee-charitable trust was engaged in managing administration and functioning of a Gurudwara.  Assessee filed return claiming exemption under section 10(23C)(v).Assessing Officer denied said claim on ground that assessee-trust generated surplus of 41 per cent of gross receipts which indicate that funds were not utilized for purpose for which trust was formed. He also held that   audit report was also not filed within stipulated date. Commissioner (Appeals) held that submission of audit report before competent authorities constituted sufficient compliance and, therefore, there was no other requirement under law to avail exemption under section 10(23C)(v). Held that the funds of trust were managed by member of trustees headed by District Collector and no mala fide could be attributable to Government Authorities in absence of any evidence. Held that  Commissioner (Appeals) was right in holding that filing of audit report in prescribed form before completion of assessment proceedings would constitute a sufficient compliance under provisions of Act and, thus, claim could not be denied merely on ground that assessee generated surplus income. Tribunal also held that  provisions of section 10(23C)(v) does not prescribe any stipulation, which makes registration under section 12AA as a condition precedent for availing the exemption.  (AY. 2014-15)