Assessee is  a public charitable trust registered under section 12A, filed its return of income declaring income of certain amount However, assessee did not furnish audit report in Form No. 10B. The  assessee filed audit report in Form no. 10B during assessment proceedings and sought to condone such delay. Assessing Officer rejected same and disallowed exemption under sections 11 and 12 to assessee. CIT (A) allowed the claim. On appeal the Tribunal held that  benefit of exemption under sections 11 and 12 could not be denied to assessee-trust merely on account of delay in furnishing audit report and it is  permissible for assessee to produce audit report at a later stage, either before Assessing Officer or appellate authority. Tribunal also held that lack of declaration in Form no. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2).   (AY. 2014-15)