1985 (8) TMI 138 - AT - Income Tax

Summary

The appeal by the Revenue for the asst. yr. 1978-79 was dismissed by ITAT MADRAS-A. The assessee, a trust under s. 11, applied Rs. 1,33,330 for trust purposes and claimed accumulation of Rs. 78,400 under s. 11(2). The ITO disallowed the accumulation, but the AAC ruled in favor of the assessee. ITAT held that the accumulation was permissible as the purposes listed in Form No. 10 aligned with the trust's objectives.