https://www.taxtmi.com/caselaws?id=788039 Where an assessee failed to comply with statutory accumulation conditions and did not file the required intimation, investment of income in prescribed modes (including fixed deposits) does not qualify as application of income for charitable or religious purposes; such investment clauses in a memorandum merely describe permissible investment of accumulated funds and are not independent charitable objects. Further, reopening under reassessment provisions was held permissible where the assessing officer recorded reasons to believe based on audit information and non-disclosure of material facts; the reassessment was not a mere change of opinion and was validly initiated. en-us Tue, 10 Mar 2026 00:00:00 +0530 Mon, 16 Mar 2026 08:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788039 Where an assessee failed to comply with statutory accumulation conditions and did not file the required intimation, investment of income in prescribed modes (including fixed deposits) does not qualify as application of income for charitable or religious purposes; such investment clauses in a memorandum merely describe permissible investment of accumulated funds and are not independent charitable objects. Further, reopening under reassessment provisions was held permissible where the assessing officer recorded reasons to believe based on audit information and non-disclosure of material facts; the reassessment was not a mere change of opinion and was validly initiated. Case-Laws Income Tax Tue, 10 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788039