https://www.taxtmi.com/caselaws?id=346111 The appeal was partly allowed, and the issue of taxing the accumulated fund under section 11(3)(c) for not being utilized within the prescribed time was remitted to the Assessing Officer for further examination. The Commissioner upheld the taxing of the fund but directed the deletion of the addition based on the Supreme Court decision emphasizing absolute exemption. The Tribunal found discrepancies in the arguments presented by the assessee regarding the utilization of funds and emphasized the need for detailed utilization details to be provided. The case outcome focused on remitting the issue back for fresh consideration, ensuring the assessee's right to be heard. en-us Fri, 17 Mar 2017 00:00:00 +0530 Fri, 04 Aug 2017 07:06:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346111 The appeal was partly allowed, and the issue of taxing the accumulated fund under section 11(3)(c) for not being utilized within the prescribed time was remitted to the Assessing Officer for further examination. The Commissioner upheld the taxing of the fund but directed the deletion of the addition based on the Supreme Court decision emphasizing absolute exemption. The Tribunal found discrepancies in the arguments presented by the assessee regarding the utilization of funds and emphasized the need for detailed utilization details to be provided. The case outcome focused on remitting the issue back for fresh consideration, ensuring the assessee's right to be heard. Case-Laws Income Tax Fri, 17 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346111