Assessee had not furnished audit report in Form no. 10. The Assessing Officer denied exemption. The assessee filed audit report in Form no. 10 belatedly and requested to condone delay which was rejected. On writ allowing the petition the Court held the assessee should not be denied exemption merely on bar of limitation, especially, when legislature had conferred wide discretionary powers to condone such delay on authorities concerned. [Circular No. 273, dated 3-6-1980 (1981) 126 ITR 27 (St)]. (AY. 2014-15)
Trust for Reaching the Unreached through Trustee v. CIT(E) (2021) 279 Taxman 229/ 202 DTR 39 (Guj.)(HC)
S. 11 : Property held for charitable purposes-Accumulation of income-Exemption cannot be denied merely on the ground of delay in filing the form No 10. [S. 12A, Art. 226]