Requirement of Filing Audit Report In Form 10B is only Procedural: ITAT grants Income Tax Exemption

The Income Tax Appellate Tribunal (ITAT) has granted income tax exemption to a trust, ruling that the requirement to file an audit report in Form 10B is procedural. The ITAT emphasized that the substantive condition of the exemption is compliance with the relevant sections of the Income Tax Act, and procedural lapses should not lead to denial of exemption. This ruling provides relief to the trust and sets a precedent for similar cases, where procedural non-compliance does not negate the substantive benefits provided under the law.