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2016 (5) TMI 65 - AT - Income TaxEntitlement to exemption u/s 11(2) - Held that:- There is no dispute that the funds accumulated were utilised for carrying out the aims and objectives of the assessee which was to work for the welfare of the economically weaker section of the society and to undertake projects for rural health and sanitation in the needy area. The assessee utilised the accumulated funds as per the minutes of the governing body dated April 22, 2011. This was accepted by the Revenue in the subsequent assessment year which shows that the assessee had utilised the accumulated funds for the aims and objects of the trust in India. Since the assessee has followed the procedure for accumulation except for the technical lapse, which can be condoned and since the assessee has applied the accumulated funds for the objects of the trust in India, we hold that it is eligible to get the benefit under the provisions of section 11(2). - Decided in favour of assessee.
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