ITAT Delhi Allows Exemption u/s 11(2) – Deposit in Current Account with Scheduled Bank Treated as Valid Investment

Gangarani Balika Vidhyalya Vs ITO (ITAT Delhi) Delhi ITAT allowed the appeal of Gangarani Balika Vidhyalya, a charitable trust, & held that surplus accumulated for specified purpose & retained in a current account of a scheduled bank qualifies as valid investment u/s 11(5). Assessee, a charitable trust registered u/s 12A/12AA & engaged in imparting education in Kannauj district (UP), filed return for AY 2018-19 declaring receipts of ₹1.59 crore. Out of this, ₹31.34 lakh was accumulated u/s 11(2) for construction of a building, & Form 10 was duly filed. This amount was kept ...