https://www.taxtmi.com/caselaws?id=14574 The High Court of Jammu and Kashmir ruled that the assessee-trusts, Ziarat Mir Syed Ali Hamdani and Ziarat Syed Hassan Mantaqi, were entitled to the benefit under section 11(1) despite failing to exercise the option under section 11(2) within the stipulated period. The Court held that the requirement to exercise the option within the specified time was directory, not mandatory, and the assessing authority could condone the delay if a valid reason was provided. The decision favored the assessee-trusts and concluded that they were entitled to the benefit under section 11(1). en-us Fri, 17 Nov 2000 00:00:00 +0530 Fri, 17 Jul 2009 12:29:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14574 The High Court of Jammu and Kashmir ruled that the assessee-trusts, Ziarat Mir Syed Ali Hamdani and Ziarat Syed Hassan Mantaqi, were entitled to the benefit under section 11(1) despite failing to exercise the option under section 11(2) within the stipulated period. The Court held that the requirement to exercise the option within the specified time was directory, not mandatory, and the assessing authority could condone the delay if a valid reason was provided. The decision favored the assessee-trusts and concluded that they were entitled to the benefit under section 11(1). Case-Laws Income Tax Fri, 17 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14574