Fund utilized more than prescribed limit for achieving objective allowable U/s. 11

CIT (Exemptions) Vs Tibetan Children’s Village Dal Lake (Himachal Pradesh High Court) Himachal Pradesh High Court held that exemption u/s 11 of the Income Tax Act duly entitled even if ‘Funds Pending Utilization’ was more than the prescribed limit as proved that funds were utilized for the purpose of achieving its objective. Facts- The return was filed by the respondent-assessee for A.Ys. 2004-05 and 2005-06 after claiming exemption u/s. 11 of the Act. The cases of the assessee were, however, re-opened u/s. 147 of the Act for the said assessment years on the ground that the assessee had ...