AO denied the exemption in respect of sale of property on the ground that application u/s 11(2) of the Act was not made for accumulation of income. Dismissing the appeal of the assessee the Tribunal held that assessee had received amount of sale consideration by assignor, it could be concluded that assessee had not exercised option under clause (2) of Exp. to s.11(1). Therefore plea of the assessee that amount in question was not factually received during relevant year, was rejected and addition confirmed holding that amount of sale consideration accrued to assessee and was also received by assessee in year. Accordingly the denial of exemption is held to be justified. (AY 2011 – 2012)