TMI Blog1982 (1) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... see-trust, M. Ct. Chidambaram Chettiar Foundation. The appeal relates to the assessment year 1973-74 for which the previous year ended on 31-12-1972. This Foundation Trust is undisputedly a trust established for charitable purposes entitled to exemption under section 11 of the Income-tax Act, 1961 ("the Act"). It applied for accumulation of income of the relevant assessment year and subsequent thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already granted for accumulation for the identical objects in the case of the author-trusts. The AAC in appeal against the assessment accepted the assessee's claim and held that the assessee was entitled to exemption under section 11 irrespective of what happened in the case of the three trusts who were the authors of the assessee-trust because the assessee-trust is an independent entity differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee-trust without utilising it in establishing, acquiring or maintaining educational institutions hospitals, etc. (IT Appeal Nos. 2237, 2238 and 2239 (Mds.) of 1976-77) [published elsewhere in this issue]. We have separately disposed of those appeals upholding the claim of the assessees in that case that the making over of the fund representing the accumulated income to the assessee-trust amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to exemption under section 11 cannot be denied the exemption on the ground that the author-trusts have been allowed to accumulate their income for the past years. No provision of law has been pointed out to us which would support such a claim of the department that in such circumstances the assessee would lose its claim for exemption. We, therefore, reject the objection of the department. 4. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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