Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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The HC allowed the petitioner's claim for accumulation under s.11(2) despite delayed formalities, exercising powers under s.119(2)(b) to condone delay and grant exemption. The court found denial would cause genuine hardship because the accumulated funds were already applied to the trust's objects in AY 2020-21 and substantive statutory requirements (board resolution, Form 10B audit report, timely-filed return) were satisfied. The HC distinguished authority relied upon by the revenue as fact-specific and inapplicable, noting no change in the petitioner's claim. Relief was therefore granted, preventing tax recovery arising from denial of the accumulation benefit.
The HC allowed the petitioner's claim for accumulation under s.11(2) despite delayed formalities, exercising powers under s.119(2)(b) to condone delay and grant exemption. The court found denial would cause genuine hardship because the accumulated funds were already applied to the trust's objects in AY 2020-21 and substantive statutory requirements (board resolution, Form 10B audit report, timely-filed return) were satisfied. The HC distinguished authority relied upon by the revenue as fact-specific and inapplicable, noting no change in the petitioner's claim. Relief was therefore granted, preventing tax recovery arising from denial of the accumulation benefit.
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