Non-granting of accumulation of income u/s. 11(2) unsustainable since delay in Form 10 condoned

GEAR Foundation Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that non-granting of accumulation of income under section 11(2) due to delay in filing Form 10 not justified since delay was condoned by appropriate authority. Accordingly, appeal allowed in favour of assessee.

Facts- In the present appeal, the assessee has two grievances that (i) it has not been granted accumulation of income u/s. 11(2) of the Act amounting to Rs. 335,28,160 and (ii) further depreciation was disallowed of Rs.132,43,091 for the reason that assessee has claimed double deduction.

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