https://www.taxtmi.com/caselaws?id=334638 The tribunal allowed the trust's appeal, ruling in favor of the trust and allowing the exemption claimed under section 11(2) of the Income Tax Act. The tribunal found that the purpose of accumulation of funds was specific and aligned with the trust's objectives, as evidenced by the trust's compliance with statutory provisions and the utilization of funds for development and construction activities in line with its objectives. The tribunal emphasized the importance of ensuring that accumulated funds are utilized for the specified purpose within the prescribed timeframe to qualify for exemption. en-us Fri, 16 Sep 2016 00:00:00 +0530 Thu, 17 Nov 2016 15:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334638 The tribunal allowed the trust's appeal, ruling in favor of the trust and allowing the exemption claimed under section 11(2) of the Income Tax Act. The tribunal found that the purpose of accumulation of funds was specific and aligned with the trust's objectives, as evidenced by the trust's compliance with statutory provisions and the utilization of funds for development and construction activities in line with its objectives. The tribunal emphasized the importance of ensuring that accumulated funds are utilized for the specified purpose within the prescribed timeframe to qualify for exemption. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334638