Section 11 Relief Restored: Education Trust Not Bound by Rigid Form-10 Purpose

Salwan Education Trust Vs DCIT (Exemption) (ITAT Delhi) Form-10 Is Not a Straitjacket: Education Trust’s Accumulation Can Be Applied Across Objects—ITAT Delhi Grants Full Relief Assessee-Trust, registered u/s 12A & engaged solely in running educational institutions since 1950, had accumulated funds u/s 11(2) by filing Form-10 for AY 2013-14 for construction of school buildings at Gurgaon & Tronica City. In AY 2018-19, AO held that part of accumulated amount of ₹3,94,60,633/- was not utilised strictly for the specific purpose mentioned in Form-10 & since no fresh permission wa...