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2001 (11) TMI 22 - HC - Income TaxExemption, Charitable Trust - whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that non-filing of the audit report in Form No. 10B of the Income-tax Rules, 1962, would not defeat the claim of the assessee for exemption under sections 11 and 12 of the Income-tax Act, 1961. - Unfortunately for the assessee here, there is nothing on record to show that the assessee had filed the audit report at any point of time. The Commissioner has, after holding that the return filed was defective and therefore, an opportunity which ought to have been given to the assessee to rectify the defect, completely overlooked the defect and notwithstanding the continued exist ence of the defect, granted a benefit to which the assessee was not entitled in the absence of the audit report. That erroneous view of the Commissioner has been affirmed by the Tribunal. - The order of the Tribunal therefore cannot be sustained. We, therefore, answer the question that has been referred to us in favour of the Revenue and against the assessee.
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