Non-Filing of Form 10B with ITR does not bar Exemption u/s 11 of Income Tax Act: ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that the non-filing of Form 10B, required for claiming exemptions under Section 11 of the Income Tax Act, does not bar the taxpayer from availing the exemption if the Income Tax Return (ITR) is filed on time. The ruling came in response to a case where a charitable trust's exemption was denied solely because it had not filed Form 10B, despite having filed its ITR within the deadline. The ITAT emphasized that procedural lapses should not result in the denial of substantive tax benefits. This decision is crucial for charitable organizations, reinforcing the principle of substantive compliance.