Disallowance of exemption not justifiable for non-mentioning of specific objective in Form No. 10

CIT Vs Gokula Education Foundation (Karnataka High Court) Facts- Assessee claim an amount of INR 93,46,716 under section 11(2) by filing Form No. 10. In Form No. 10, assessee mentioned the object as ‘towards the object of the Trust’. Assessee filed revised Form No. 10 briefly specifying the object which was accepted by the Commissioner (Appeals) during the course of hearing. Revenue contended that unless there is a specific purpose mentioned in Form No. 10, the language for ‘general purpose’ would not permit the assessee to claim the benefit under section 11(2). Conclusion- As long as ...