https://www.taxtmi.com/caselaws?id=782294 ITAT Mumbai allowed the assessee's appeal concerning exemption of accumulated funds under s. 11(2). CPC had disallowed exemption for unutilized accumulated amounts. Relying on its own decision for the same assessment year (AY 2023-24) in a comparable case, the Tribunal held that the assessee was entitled to deduction under s. 11(2) for Rs. 24,34,928 utilized during the grace year (6th year), as per the legal provisions applicable at the time of accumulation. Accordingly, the assessee was granted relief in full. en-us Mon, 22 Sep 2025 00:00:00 +0530 Wed, 26 Nov 2025 17:29:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782294 ITAT Mumbai allowed the assessee's appeal concerning exemption of accumulated funds under s. 11(2). CPC had disallowed exemption for unutilized accumulated amounts. Relying on its own decision for the same assessment year (AY 2023-24) in a comparable case, the Tribunal held that the assessee was entitled to deduction under s. 11(2) for Rs. 24,34,928 utilized during the grace year (6th year), as per the legal provisions applicable at the time of accumulation. Accordingly, the assessee was granted relief in full. Case-Laws Income Tax Mon, 22 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782294