https://www.taxtmi.com/caselaws?id=76540 The Court dismissed the appeal and affirmed the Tribunal's decision regarding the exemption claim under section 11 of the Income-tax Act, 1961 for the accumulation of funds for building and equipment. The appellant, a registered society, was allowed to accumulate income for the specified purpose within the prescribed period and investment criteria. The Court held that the appellant's proper utilization of the accumulated amount aligned with the statutory conditions, rejecting the Revenue's challenge as lacking merit. en-us Mon, 03 Aug 2009 00:00:00 +0530 Fri, 02 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76540 The Court dismissed the appeal and affirmed the Tribunal's decision regarding the exemption claim under section 11 of the Income-tax Act, 1961 for the accumulation of funds for building and equipment. The appellant, a registered society, was allowed to accumulate income for the specified purpose within the prescribed period and investment criteria. The Court held that the appellant's proper utilization of the accumulated amount aligned with the statutory conditions, rejecting the Revenue's challenge as lacking merit. Case-Laws Income Tax Mon, 03 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76540