https://www.taxtmi.com/caselaws?id=434169 Unutilized income accumulated for charitable purposes under section 11(2) loses that protected character if not applied within the prescribed period, and section 11(3) requires it to be treated as income of the relevant previous year. The assessee accepted this position but contended that the same amount had already been considered while computing application of income for the year, so further taxation would duplicate the adjustment. The assessment therefore required verification of that factual claim before final recomputation could be made, and the income had to be recalculated in accordance with law after such verification. en-us Wed, 19 Oct 2022 00:00:00 +0530 Sat, 18 Feb 2023 06:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434169 Unutilized income accumulated for charitable purposes under section 11(2) loses that protected character if not applied within the prescribed period, and section 11(3) requires it to be treated as income of the relevant previous year. The assessee accepted this position but contended that the same amount had already been considered while computing application of income for the year, so further taxation would duplicate the adjustment. The assessment therefore required verification of that factual claim before final recomputation could be made, and the income had to be recalculated in accordance with law after such verification. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434169