https://www.taxtmi.com/caselaws?id=780804 ITAT upheld the CIT(A)'s decision denying exemption under s.11(2)/(3) where accumulated funds were not applied to the specified purpose within the permissible period and were diverted to other trusts, breaching s.11(3). Although Form No.10B was filed belatedly, it was on record during assessment and the AO could have verified compliance; the delay was held procedural and substantive conditions were met. The appellate finding was sustained and the revenue's appeal was dismissed. en-us Fri, 17 Oct 2025 00:00:00 +0530 Thu, 06 Nov 2025 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780804 ITAT upheld the CIT(A)'s decision denying exemption under s.11(2)/(3) where accumulated funds were not applied to the specified purpose within the permissible period and were diverted to other trusts, breaching s.11(3). Although Form No.10B was filed belatedly, it was on record during assessment and the AO could have verified compliance; the delay was held procedural and substantive conditions were met. The appellate finding was sustained and the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 17 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780804