One-Day Delay in Filing Form 10B: ITAT Condones Delay and Allows Charitable Trust Claim

The ITAT condoned a one-day delay in filing Form 10B, the audit report for charitable trusts under the Income Tax Act, recognizing that minor procedural lapses should not result in denial of tax exemptions. The tribunal emphasized the trust’s bona fide intent and that such delays do not impact the substantive eligibility of exemption. This decision aligns with a progressive judicial trend favoring substance over form and reducing harsh penalties for inadvertent mistakes.