https://www.taxtmi.com/caselaws?id=773646 ITAT Pune ruled in favor of the assessee regarding denial of exemption under section 11. The assessee accumulated funds in FY 2016-17 and utilized them in the sixth year (FY 2022-23). CPC taxed these funds in AY 2023-24, but ITAT held that under applicable provisions, taxation should occur in the fifth year only, not sixth year. The tribunal found that accumulated surplus funds were utilized within the prescribed period plus one additional year as permitted under then-existing provisions. ITAT set aside the lower authority's order and directed deletion of the adjustment, allowing the assessee's appeal. en-us Mon, 23 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773646 ITAT Pune ruled in favor of the assessee regarding denial of exemption under section 11. The assessee accumulated funds in FY 2016-17 and utilized them in the sixth year (FY 2022-23). CPC taxed these funds in AY 2023-24, but ITAT held that under applicable provisions, taxation should occur in the fifth year only, not sixth year. The tribunal found that accumulated surplus funds were utilized within the prescribed period plus one additional year as permitted under then-existing provisions. ITAT set aside the lower authority's order and directed deletion of the adjustment, allowing the assessee's appeal. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773646