DELAY IN FILING OF RETURN SHOULD NOT BE A REASON TO DENY THE ASSESSEE'S CLAIM OF EXEMPTION U/S 10B (1)

The court stated that exemption under section 10B which provides that no exemption shall be allowed
if return is not furnished by due date prescribed under section 139(1), is directory and not
mandatory in nature. Therefore, in genuine cases exemption under section 10B may be allowed
even if the return is not filed by the due date mentioned in section 139(1).