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        Case ID :
        Income Tax

        ITAT held that the appellant satisfied statutory prerequisites...

        Accrual kept in bank then invested post year-end meets section 11(2) accumulation and section 11(5) investment requirements

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT held that the appellant satisfied statutory prerequisites for accumulation under section 11(2) and for investment under section 11(5). The assessee had set apart Rs.95,00,000 for charitable purposes, filed Form 10 within time, and held the amount in a scheduled bank on 31.03.2018, subsequently investing in bank FDRs on 07.04.2018 and 09.04.2018. With no misapplication or deviation from trust objects, a brief post-year-end placement in prescribed modes did not warrant denial of exemption. The tribunal construed sections 11(2) and 11(5) harmoniously to promote legislative intent, held the procedural disallowance unjustified, and allowed the appeal.
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