Finance Act 2022 Amendment to Section 11(3)(c) removing extension is Prospective

Meshri Mahajan Vanda Vs ITO (ITAT Ahmedabad)

Prospective Effect of Finance Act 2022 – amendment to Section 11(3)(c) removing the one-year extension applies prospectively. For accumulations prior to FY 2022-23, trusts can validly utilise funds in the sixth year

The Trust filed return declaring income of ₹2,51,699. While processing return, CPC made an adjustment of ₹1,58,301, treating it as deemed income u/s 11(3) taxable u/s 115BBI, on the ground that accumulation made in FY 2016-17 u/s 11(2) was not utilised by 31.03.2022. According to CPC, since utili

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