ITAT Mumbai: Vague Purpose in Form 10 Can Jeopardize Sec 11(2) Claim-Matter Remanded for Verification

IMC Trust Vs ITO Exemption (ITAT Mumbai) ITAT Mumbai: Vague Purpose in Form 10 Can Jeopardize Sec 11(2) Claim-Matter Remanded for Verification The Mumbai ITAT held that specific and concrete purpose is essential for accumulation under Section 11(2), and vague or generalized objects in Form 10 may lead to denial of exemption. In this case, the charitable trust accumulated funds stating purposes such as conducting seminars, workshops, and promoting trade. The Assessing Officer and CIT(A) rejected the claim, holding that the purpose was not clearly specified and lacked precision, as required unde...