https://www.taxtmi.com/caselaws?id=244689 The Tribunal held that the exercise of the option by a charitable trust under Explanation (2) to Section 11(1) for income accumulation was valid, despite discrepancies in the indicated amount. It ruled that the time limit for exercising the option under Section 11(1) is directory, not mandatory, and substantial compliance suffices. The Tribunal dismissed the Tax Appeals, granting the benefit for the entire amount sought to be accumulated by the trust and clarifying the procedural requirements under the Income Tax Act. en-us Mon, 10 Feb 2014 00:00:00 +0530 Fri, 20 Feb 2015 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244689 The Tribunal held that the exercise of the option by a charitable trust under Explanation (2) to Section 11(1) for income accumulation was valid, despite discrepancies in the indicated amount. It ruled that the time limit for exercising the option under Section 11(1) is directory, not mandatory, and substantial compliance suffices. The Tribunal dismissed the Tax Appeals, granting the benefit for the entire amount sought to be accumulated by the trust and clarifying the procedural requirements under the Income Tax Act. Case-Laws Income Tax Mon, 10 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244689