#Section 11 exemption

ITAT Ahmedabad rules that Gujarat Hira Bourse qualifies as a mutual concern, entitling it to exemption under Sections 11 & 12 of the Income Tax Act. The tribunal rejected the Revenue’s argument that the assessee’s activities fell under the proviso to Section 2(15), affirming that mutual organizations engaged in trade promotion for members retain charitable status.

ITAT Chennai holds that belated filing of Form 10B audit reports by charitable trusts does not invalidate their Section 11 exemption claims if the audit report was available during processing. The ruling emphasizes procedural compliance over rigid timelines, ensuring trusts retain tax benefits despite administrative delays.