Charitable trusts can freely use accumulated funds under Section 11(2)

ITO (Exemption) Vs Uttar Pradesh Police and Armed Forces Sahayata Sansthan (ITAT Lucknow) No bar on utilizing accumulated income u/s 11(2) – ITAT Lucknow Allows five year accumulation without AO’s artificial restrictions on utilization Lucknow ITAT  has dismissed the Revenue’s appeal   for AY 2013-14, holding that the interpretation adopted by AO with respect to accumulation of income u/s  11(2) was legally unsustainable. Assessee is a trust constituted by the Govt Uttar Pradesh in 1963 for providing education, training &  financial assistance to members of the U.P. Poli...