The assessee-society, registered under section 12AA, accumulated income for charitable purposes and filed Form No. 10 within the prescribed time. The accumulated amount remained throughout in its account with a scheduled bank and was invested in fixed deposits with the same bank a few days after the close of the financial year. The Assessing Officer denied exemption under section 11(2) on the ground that the investment was not made during the relevant financial year. The Tribunal held that there was no diversion or misapplication of funds and the amount had throughout remained invested in a prescribed mode under section 11(5). Since the assessee had substantially complied with all the statutory conditions, a mere procedural delay in converting the bank balance into fixed deposits could not defeat the exemption. (AY. 2018-19)