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2023 (4) TMI 1222 - AT - Income TaxExemption u/s 11/12 - delayed filing of Audit Report in Form 10B - procedural defect - claim made in the return of income, when the audit-report (Form No. 10B) was filed after filing of return but before processing u/s 143(1) - HELD THAT:- We are convinced that the controversy is directly settled in favour of assessee by decision in Savitri Foundation [2022 (8) TMI 1372 - ITAT MUMBAI] as following case of Mumbai Metropolitan Regional Iron & Steel Market Committee [2015 (4) TMI 512 - BOMBAY HIGH COURT] non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bona fide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same - late filing of required documents would not disentitle the assessee from availing benefit of section 11 of the Act. Thus the assessee can’t be denied the benefit of exemption u/s 11 as claimed in the return of income for mere delay in filing of audit-report. We, therefore, deem it fit to remand this matter back to the file of AO for a fresh assessment. Appeal of assessee is allowed for statistical purpose.
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