https://www.taxtmi.com/caselaws?id=765490 ITAT Mumbai allowed the appeal regarding exemption under Section 11. The tribunal held that accumulated amounts of INR 23,62,687 and INR 30,64,418 from AY 2007-08 and 2008-09 respectively, which were later applied for main objects in AY 2009-10 and 2011-12, should be taxed in the years of application under Section 11(3)(a) read with Section 11(3)(i), not in the year of accumulation. The tribunal set aside CIT(A)'s order and directed the AO to reduce the addition by the aggregate amount of accumulated income utilized in subsequent years after verification. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765490 ITAT Mumbai allowed the appeal regarding exemption under Section 11. The tribunal held that accumulated amounts of INR 23,62,687 and INR 30,64,418 from AY 2007-08 and 2008-09 respectively, which were later applied for main objects in AY 2009-10 and 2011-12, should be taxed in the years of application under Section 11(3)(a) read with Section 11(3)(i), not in the year of accumulation. The tribunal set aside CIT(A)'s order and directed the AO to reduce the addition by the aggregate amount of accumulated income utilized in subsequent years after verification. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765490