Amendment to s.11(3) Prospective: Old Accumulations Retain 6-Year Window

Taldhwaja Jain Swetamber Tirth Committee Vs ITO (Exemption) (ITAT Ahmedabad) Amendment to Section 11(3) Prospective – Old Accumulations Still Get 6-Year Window- ITAT Ahmedabad Assessee trust registered u/s 12AB, filed NIL return for AY 2023-24 claiming exemption u/s 11. CPC, while processing the return u/s 143(1), accepted accumulation of ₹58.62 lakh but treated ₹30 lakh, accumulated in FY 2016-17 u/s 11(2) & utilised in FY 2022-23, as deemed income taxable u/s 115BBI, relying on the amended s.11(3) inserted by Finance Act, 2022. CIT(A) upheld CPC’s action, holding that accumulatio...