Case Law Analysis
|Income Tax Appellate Tribunal
Section 11(2) IT Act | Form-10 Filing During Assessment Proceedings Suffices for Charitable Trust Exemption : ITAT Mumbai
ITAT Mumbai rules that charitable trusts can claim exemption under Section 11(2) of the Income Tax Act even if Form-10 is filed during assessment proceedings, provided the accumulated funds are utilized as intended. The ruling clarifies that procedural delays do not invalidate the exemption if substantive compliance is met.