ITAT Mumbai Allows 6th-Year Utilization of Trust Accumulations, Upholds Old Section 11(3) Rule

Bombay Society of The Franciscan Clarist Sisters of The Most Blessed Sacrament Vs ITO (ITAT Mumbai) ITAT Mumbai Allows 6th Year Utilization – Finance Act 2022 Amendment to Section 11(3) Held Prospective Charitable Trust Gets Relief: Old Accumulations Still Eligible for 5+1 Years Assessee filed its return declaring income of Rs.21.65 lakh after claiming exemption u/s 11. It had accumulated Rs.32.50 lakh in F.Y. 2016-17 u/s 11(2), which was required to be utilized within the prescribed period. Out of this, Rs.24.34 lakh was spent in F.Y. 2022-23 (relevant to A.Y. 2023-24), while Rs.8.15 lakh r...