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The ITAT allowed the appeal of the assessee, a public charitable trust registered under sections 12A/12AA and claiming exemption under section 11, holding that the sum of Rs.31,34,000 accumulated and earmarked by the trust (via Form 10) for building construction and retained in its current account with a public sector bank constituted a permissible mode of accumulation/investment for purposes of section 11(2). The AO's denial of exemption on the ground that a current account is not a prescribed mode under section 11(5), and the NFAC's affirmation, were set aside; the accumulated amount was treated as properly invested/classified and exempt under section 11(2).
The ITAT allowed the appeal of the assessee, a public charitable trust registered under sections 12A/12AA and claiming exemption under section 11, holding that the sum of Rs.31,34,000 accumulated and earmarked by the trust (via Form 10) for building construction and retained in its current account with a public sector bank constituted a permissible mode of accumulation/investment for purposes of section 11(2). The AO's denial of exemption on the ground that a current account is not a prescribed mode under section 11(5), and the NFAC's affirmation, were set aside; the accumulated amount was treated as properly invested/classified and exempt under section 11(2).
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