Revised Form 10 Filed During Assessment Held Valid for Accumulation Claim of Trust

ACIT Vs Chettinad Academy of Research And Education (ITAT Chennai) The Chennai Bench of the Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue and upheld the order of the Commissioner of Income Tax (Appeals), which had allowed the assessee trust’s claim for accumulation under Section 11(2)(a) of the Income-tax Act, 1961. The assessee, a charitable trust registered under Section 12AA, had filed its return for Assessment Year 2019–20 declaring nil income after claiming exemption under Section 11 and had also filed Form No.10 within the due date under Section 139(1), seek...