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2023 (7) TMI 739 - AT - Income TaxExemption u/s. 11 - Assessee Trust failed to invest the accumulation u/s. 11(2) in specified modes as per section 11(5) within the stipulated time - Form No. 10 was not filed along with the original Return filed u/s. 139(1) - HELD THAT:- The assessee has clarified that the accumulated amount is deposited in bank as per the provisions of section 11(5) within six months from the year ended in which the accumulation made. The assessee claimed the accumulated amount deposited. Thus the same are deposited within the period specified u/s. 11(2) of the Act. The Ld. CIT(Exemption) verified only balance sheet for the year ended 31.03.2019, while the above amount was reflected in the balance sheet of the year ended 31.03.2020. Therefore the findings arrived by the Ld. CIT(Exemption) is not correct in law. Further though the assessee filed Form No. 10 belatedly along with the Revised Return, however Form No. 10B which was filed along with the original return also certifies the amount of accumulation made by the assessee Trust. Without looking into the same, the assessee was denied the benefit of exemption u/s. 11 of the Act, which in our considered opinion is not correct in law. We hereby set aside the order passed by the Lower Authorities and direct the JAO to allow the claim of exemption u/s. 11 - Decided in favour of assessee.
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