https://www.taxtmi.com/caselaws?id=446938 ITAT Mumbai held that CIT's revision u/s 263 regarding exemption u/s 11(2) was invalid. The assessee had properly disclosed accumulation details in Form 10, specifying "charitable purpose" as the reason. The tribunal found that exact purpose specification is not legally required, as accumulation cannot exceed the organization's objects. The Assessing Officer had adequately enquired about the accumulation, and the assessee provided satisfactory responses. CIT's objection about non-specific purpose was deemed insufficient grounds for s 263 proceedings. The tribunal set aside the CIT's order and decided in favor of the assessee. en-us Mon, 07 Aug 2023 00:00:00 +0530 Thu, 14 Dec 2023 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446938 ITAT Mumbai held that CIT's revision u/s 263 regarding exemption u/s 11(2) was invalid. The assessee had properly disclosed accumulation details in Form 10, specifying "charitable purpose" as the reason. The tribunal found that exact purpose specification is not legally required, as accumulation cannot exceed the organization's objects. The Assessing Officer had adequately enquired about the accumulation, and the assessee provided satisfactory responses. CIT's objection about non-specific purpose was deemed insufficient grounds for s 263 proceedings. The tribunal set aside the CIT's order and decided in favor of the assessee. Case-Laws Income Tax Mon, 07 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446938