ITAT upholds Exemption u/s 10(23C)(iiiab) Despite Late Filing and Incorrect Form Submission

The Income Tax Appellate Tribunal (ITAT) upheld the exemption under Section 10(23C)(iiiab) of the Income Tax Act, despite late filing and incorrect form submission by the assessee. The case involved an educational institution that filed its return late and used an incorrect form, leading to the denial of exemption by the Assessing Officer (AO). The ITAT ruled that the procedural lapses should not result in the denial of substantive benefits if the institution meets the eligibility criteria for the exemption. The tribunal emphasized the importance of focusing on the substance over form and ensuring that genuine claims are not rejected due to minor procedural errors. This decision provides relief to taxpayers facing similar issues and underscores the need for tax authorities to adopt a pragmatic approach in assessing compliance with procedural requirements.