Vague Accumulation Purpose Not Fatal, ITAT Upholds Section 11(2) Benefit

Imperial College India Foundation Vs ITO Exem. Ward 1(3) (ITAT Mumbai) ITAT Mumbai allowed a charitable trust’s claim under Section 11(2), ruling that a generic purpose in Form 10 is acceptable if supported by a specific Board Resolution for accumulation (e.g., scholarships) and the funds are later applied for that object. The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Imperial College India Foundation Vs. ITO Exem. Ward 1(3), addressed the critical requirement for charitable trusts to specify the purpose of accumulating income under Section 11(2) of the Income Ta...