Exemption Granted: Assessee Entitled to Section 11(2) Income Tax Act Exemption Despite Technical Lapse in Fund Accumulation Process.

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....Entitlement to exemption u/s 11(2) - Since the assessee has followed the procedure for accumulation except for the technical lapse, which can be condoned and since the assessee has applied the accumulated funds for the objects of the trust in India, exemption allowed - AT....