Assessing Officer denied the exemption on the ground that assessee had not filed Form No. 10B, audit report, within the prescribed time limit. CIT(A) did not accept the audit report filed in the appeal proceedings. On appeal, the Tribunal held that since the filing of Form No. 10B is directory and not mandatory and the assessee had filed Form No. 10B belatedly but during appeal proceedings itself, the benefit of sections 11 and 12 claimed by the assessee in its income-tax return was directed to be allowed. (AY. 2014-15)