Adjustment u/s. 11(3) as deemed income unsustainable as accumulated funds utilized within stipulated time

Yashwantrao Chavan Maharashtra Open University Vs CIT (ITAT Pune) ITAT Pune held that adjustment under section 11(3) of the Income Tax Act as deemed income cannot be sustained as accumulated surplus funds are utilized within stipulated time period and the amendment to the provisions of section 11(3) are held to be prospective in nature. Facts- The assessee Yashwantrao Chavan Maharashtra Open University (YCMOU) is established by Yashwantrao Chavan Maharashtra Open University Act, 1989. The sole object of the assessee is education, more particularly described as ‘to advance and disseminate le...