Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11

ACIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad) Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11of Income Tax Act, 1961 and provisions of Section 11(3)(c) of the Act clearly permits to utilize the funds either within the specified period or in the next year immediately following the expiry of the period The briefly stated facts are that the assessee in the present case is a trust and engaged in the activity of education. The assessee in the A.Y. 2003-04 accumulated a sum of Rs. 45,00,000/- u/s 11(2) of the Act by way of filing Form 10 for 5 ye...