Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

ICAI Vs ACIT (ITAT Delhi)

The grievance of the assessee in this appeal relates to the confirmation of disallowance of Rs. 10,21,26,000/- made by the AO under Section 11(2) of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’) on account of amount accumulated and the disallowance of Rs. 98,57,10,000/-on account of amount accumulated set apart for application to charitable or other purposes to the extent the said income did not exceed 15% of the income under Section 11(1)(a) of the Act.

Please become a Premium member. If you are already a Premium member, login here to access the full content.