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of The ITAT held that the assessee trust was entitled to utilize the accumulated funds from FY 2016-17 within a prescribed period of five years or the immediately following year, extending the permissible utilization period up to 31.03.2024 (AY 2024-25). Consequently, the addition made by the CPC for AY 2023-24 on account of unspent accumulation was unwarranted. The CIT(E) erred in confirming this addition, as the assessee was still within the allowable timeframe to apply the funds for charitable purposes. The Tribunal set aside the CIT(E)'s order and deleted the impugned addition, thereby allowing the grounds of appeal raised by the assessee.
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