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2023 (2) TMI 684 - ITAT RAJKOTExemption u/s 11(2) - treatment of unutilized amount of income earned from charitable activities in preceding year which was accumulated and set apart for utilization for charitable purposes - HELD THAT:- The treatment of such unutilized amount of accumulated income is governed by section 11(3) which requires such unutilized amount to be treated as deemed income of the assessee in the year when the period of five years so granted for utilization expires or in the succeeding year. Assessee fairly concedes to the position of law in this regard. His only contention is that since the assessee has already considered this amount by reducing the quantum of application of income for charitable purposes of the assessee during the year, the computation be reworked in accordance with law taking note of this fact. Computation of income for the year reflecting this fact was also produced before us. We direct the AO to recompute the income of the assessee in accordance with law, taking note of and after verifying the fact claimed by the assessee of having considered this unutilized amount of charitable income while computing its income for the year.
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