Assessing Officer denied exemption under section 11 on the ground that the audit report in Form No. 10B was not furnished along with the return or subsequently up to the time of assessment. CIT(A) dismissed the appeal. On appeal, the Tribunal held that the audit was completed on 29-7-2019 and the audit report was signed on 27-7-2019. However, said audit report was e-filed belatedly on 7-12-2019. Since audit was completed in time and there was no adverse finding by Assessing Officer on merits of exemption, exemption could not be denied solely on ground of belated filing of audit report in Form No. 10B.  Delay in filing Form No. 10B and delay in filing appeal before Commissioner (Appeals) was condoned in interest of justice and Assessing Officer was directed to grant benefit of exemption under sections 11 and 12. (AY. 2017-18)