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ITAT Mumbai Allows 6th-Year Utilization of Trust Accumulations, Upholds Old Section 11(3) Rule
Case Law Details
- Case Name
- Bombay Society of The Franciscan Clarist Sisters of The Most Blessed Sacrament Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2023-2024
- Courts
- All ITAT, ITAT Mumbai
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Bombay Society of The Franciscan Clarist Sisters of The Most Blessed Sacrament Vs ITO (ITAT Mumbai)
ITAT Mumbai Allows 6th Year Utilization – Finance Act 2022 Amendment to Section 11(3) Held Prospective Charitable Trust Gets Relief: Old Accumulations Still Eligible for 5+1 Years
Assessee filed its return declaring income of Rs.21.65 lakh after claiming exemption u/s 11. It had accumulated Rs.32.50 lakh in F.Y. 2016-17 u/s 11(2), which was required to be utilized within the prescribed period. Out of this, Rs.24.34 lakh was spent in F.Y. 2022-23 (relevant to A.Y. 2023-24), while Rs.8.15 lakh r...
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