https://www.taxtmi.com/caselaws?id=417175 The delay in filing the appeal was condoned based on an office order extending the limitation period, allowing the appeal to proceed on merits. The disallowance of the accumulation claim under section 11(2) of the Income Tax Act was overturned by the Tribunal. The Tribunal emphasized that lack of specific declaration regarding the purpose of accumulation did not invalidate the exemption, noting past acceptance of similar claims and confirming the fulfillment of all requirements by the assessee. The Tribunal directed the Assessing Officer to allow the accumulation claim, ultimately allowing the appeal in favor of the assessee. en-us Wed, 05 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417175 The delay in filing the appeal was condoned based on an office order extending the limitation period, allowing the appeal to proceed on merits. The disallowance of the accumulation claim under section 11(2) of the Income Tax Act was overturned by the Tribunal. The Tribunal emphasized that lack of specific declaration regarding the purpose of accumulation did not invalidate the exemption, noting past acceptance of similar claims and confirming the fulfillment of all requirements by the assessee. The Tribunal directed the Assessing Officer to allow the accumulation claim, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417175