ITAT Disallows Double Exemption & Unutilised Accumulation u/s 11; Revenue Appeal Allowed

DCIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad) The appeal before the ITAT Ahmedabad concerned the allowability of exemption claimed by the assessee on an amount of ₹3.32 crore in Assessment Year (A.Y.) 2017–18, which formed part of ₹5.60 crore accumulated under Section 11(2) of the Income Tax Act in A.Y. 2012–13. The Assessing Officer (AO) had disallowed the claim on the ground that allowing exemption in the impugned year would amount to double deduction, as the entire ₹5.60 crore had already been claimed as exempt in A.Y. 2012–13. The Commissioner of Income Tax (App...