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Charitable trust registered u/s 12A faced disallowance of benefit of accumulation of funds u/s 11(2) as income was not utilized for the intended purpose. The trust's application u/s 11(3A) for accumulation was pending before the Assessing Officer. The Tribunal held that Section 11(3)(c) does not apply due to the pending application, and directed the Assessing Officer to consider the application u/s 11(3A). The revised Form No. 10 filed by the trust for determining accumulated funds u/s 11(2) should be considered. The addition made by the Assessing Officer was rightly deleted by the CIT(A) as the accumulated funds could be utilized, and the trust's claim was u/s 11(2), with investments made as per Section 11(5). The Revenue's appeal was dismissed.
Charitable trust registered u/s 12A faced disallowance of benefit of accumulation of funds u/s 11(2) as income was not utilized for the intended purpose. The trust's application u/s 11(3A) for accumulation was pending before the Assessing Officer. The Tribunal held that Section 11(3)(c) does not apply due to the pending application, and directed the Assessing Officer to consider the application u/s 11(3A). The revised Form No. 10 filed by the trust for determining accumulated funds u/s 11(2) should be considered. The addition made by the Assessing Officer was rightly deleted by the CIT(A) as the accumulated funds could be utilized, and the trust's claim was u/s 11(2), with investments made as per Section 11(5). The Revenue's appeal was dismissed.
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