Amount held in scheduled bank qualified for Section 11 exemption: ITAT Jaipur

Rajasthan Ophthalmological Society Vs ITO (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has ruled in favor of the Rajasthan Ophthalmological Society, a charitable organization, by allowing its claim for exemption on an accumulated income of ₹95 lakhs for the Assessment Year 2018-19. The case centered on whether the society had fulfilled the conditions for accumulating income under Section 11(2) read with Section 11(5) of the Income-tax Act, 1961. The Assessing Officer (AO) and the Commissioner of Income-tax (Appeals) had denied the exemption, arguing that the accumula...