https://www.taxtmi.com/caselaws?id=243822 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal for the Asst. Year 2009-10. The ITAT upheld the exemption u/s.11(1) and allowed the accumulation claim under Explanation-2 of section 11, emphasizing a liberal approach in favor of the assessee. The ITAT found that the assessee had exercised the option within the prescribed time, despite a mistaken amount, and referred to supportive judgments by the High Courts of Jammu & Kashmir and Bombay. The Revenue's grounds were deemed lacking in merit based on legal interpretations and precedents cited. en-us Fri, 28 Jun 2013 00:00:00 +0530 Fri, 07 Feb 2014 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243822 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal for the Asst. Year 2009-10. The ITAT upheld the exemption u/s.11(1) and allowed the accumulation claim under Explanation-2 of section 11, emphasizing a liberal approach in favor of the assessee. The ITAT found that the assessee had exercised the option within the prescribed time, despite a mistaken amount, and referred to supportive judgments by the High Courts of Jammu & Kashmir and Bombay. The Revenue's grounds were deemed lacking in merit based on legal interpretations and precedents cited. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243822