#charitable trust accumulation

ITAT Delhi rules that delayed filing of Form 10 for income accumulation under Section 11(2) of the Income Tax Act does not invalidate the claim if submitted before assessment completion, provided substantive conditions are met. The decision clarifies that procedural compliance, when fulfilled before final assessment, suffices for tax exemption eligibility, offering relief to charitable trusts facing similar timelines.

ITAT Mumbai rules that charitable trusts retain the vested right to utilise income accumulated under prior law, even if the sixth year falls after the 2022 amendment. The tribunal held that denying this right would amount to retrospective cancellation of a lawful entitlement, affecting trusts with long-term accumulation plans.