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2020 (11) TMI 962 - AT - Income TaxDenial of exemption u/s 11 - audit report in Form no.10B of the Act was filed belatedly - HELD THAT:- In Circular no.10./2019, the CBDT has clarified that for the assessment year 2016–17 and 2017–18, in all cases where the audit report for the year under consideration has been obtained before filing of the return of income and has been furnished subsequent to filing of return of income, but before the date specified under section 139 such delayed filing should be condoned. In the facts of the present case, the claim of the assessee that it has obtained the audit report prior to the date of filing of return of income and has filed audit report before the due date of return of income under section 139(1) has not been controverted by DR. Commissioner (Appeals) has also upheld the disallowance of exemption by simply stating that it is not a rectifiable mistake under section 154 of the Act. When the assessee has complied with the statutory provisions in terms of the CBDT Circular, the delay if any, in filing the audit report should have been condoned. We delete the disallowance made and allow assessee’s claim of exemption under section 11 - Grounds raised by the assessee are allowed.
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