https://www.taxtmi.com/caselaws?id=68777 The Tribunal allowed the appeal, directing the AO to permit the accumulation benefit claimed by the assessee. The Tribunal emphasized that the time limits mentioned in the rules regarding accumulation of funds were directory in nature, and the authorities were not justified in rejecting the claim on technical grounds. The Tribunal found that the assessee had rectified the period of accumulation within the prescribed time frame by submitting Form No. 10 before the completion of assessment, overturning the CIT(A)'s decision disallowing the accumulation and exemption of income under s. 11. en-us Wed, 31 Jan 2007 00:00:00 +0530 Fri, 01 Apr 2011 15:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68777 The Tribunal allowed the appeal, directing the AO to permit the accumulation benefit claimed by the assessee. The Tribunal emphasized that the time limits mentioned in the rules regarding accumulation of funds were directory in nature, and the authorities were not justified in rejecting the claim on technical grounds. The Tribunal found that the assessee had rectified the period of accumulation within the prescribed time frame by submitting Form No. 10 before the completion of assessment, overturning the CIT(A)'s decision disallowing the accumulation and exemption of income under s. 11. Case-Laws Income Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68777