Late Submission of Form 10B deemed Procedural Lapse: ITAT grants benefit u/s 11 of Income Tax

The ITAT has granted relief to a taxpayer by allowing the benefit of Section 11 of the Income Tax Act, despite the late submission of Form 10B. The case involved a procedural lapse, as the assessee failed to submit Form 10B on time. However, the ITAT ruled that the delay was procedural and did not affect the substantive claim for tax exemptions under Section 11. The decision highlights the ITAT's flexible approach in dealing with procedural issues and reinforces the principle that substantial compliance should be sufficient for taxpayers to avail of the benefits under tax laws.