https://www.taxtmi.com/caselaws?id=756827 ITAT Bangalore set aside the AO's findings regarding unspent accumulated funds under section 11 and additions under section 13(1)(d). The tribunal found that Form 10 auditor reports were unreliable and noted that revenue authorities failed to examine available audited financial statements and income returns from assessment year 2013-14. Regarding capital fund utilization in fixed assets and current assets, the tribunal held these represented income application and should be excluded from section 11(2) investment calculations. Both grounds were remanded to AO for fresh adjudication and allowed for statistical purposes. en-us Tue, 18 Jun 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:04:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756827 ITAT Bangalore set aside the AO's findings regarding unspent accumulated funds under section 11 and additions under section 13(1)(d). The tribunal found that Form 10 auditor reports were unreliable and noted that revenue authorities failed to examine available audited financial statements and income returns from assessment year 2013-14. Regarding capital fund utilization in fixed assets and current assets, the tribunal held these represented income application and should be excluded from section 11(2) investment calculations. Both grounds were remanded to AO for fresh adjudication and allowed for statistical purposes. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756827