Accumulated amount must be invested in modes specified u/s 11(5) of Income Tax Act: ITAT [Read Order]

By Taxscan Team - On May 25, 2022 3:41 pm - 2 mins read
Accumulated amount - invested - Income Tax Act - ITAT - Taxscan

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that accumulation of surplus amount must be invested in modes specified under subsection 5 of section 11 of the Income Tax Act,1961 and held the disallowance of exemption u/s 11(2) as invalid. The appellant preferred rectification application u/s 154 of the Income Tax…

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