https://www.taxtmi.com/caselaws?id=751013 ITAT Ahmedabad ruled in favor of the assessee regarding section 11(2) exemption denial. The tribunal held that filing Form 10 after the return due date but before assessment completion is permissible, citing Gujarat HC precedent in ACIT v/s Stock Exchange Ahmedabad. The revenue's contention that previously accumulated funds were re-accumulated under section 11(3) was rejected as contrary to record facts. The tribunal directed deletion of additions made by AO, allowing the assessee's appeal. en-us Wed, 03 Apr 2024 00:00:00 +0530 Fri, 05 Apr 2024 09:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751013 ITAT Ahmedabad ruled in favor of the assessee regarding section 11(2) exemption denial. The tribunal held that filing Form 10 after the return due date but before assessment completion is permissible, citing Gujarat HC precedent in ACIT v/s Stock Exchange Ahmedabad. The revenue's contention that previously accumulated funds were re-accumulated under section 11(3) was rejected as contrary to record facts. The tribunal directed deletion of additions made by AO, allowing the assessee's appeal. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751013