Section 11(2) Accumulation Allowed Despite Vague Form 10: ITAT Mumbai

Senior Citizen Santacruz (Paschim) Sanstha Vs CIT (ITAT Mumbai) Section 11(2) Accumulation Allowed Despite Vague Form 10: ITAT Mumbai Holds Substantial Compliance Sufficient The Mumbai ITAT (G-Bench) allowed the appeal of a charitable trust for AY 2017-18 and deleted the denial of accumulation of ₹70.37 lakh under Section 11(2), which had been rejected solely because Form No.10 mentioned the purpose of accumulation as “charitable purpose” without further specificity. The Tribunal held that while Section 11(2) requires accumulation for a specific purpose, mere technical or clerical defect...