TMI Blog1989 (8) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee's right to accumulate 25% of the total income of the previous year extended to the deemed income under section 11(3) of the Income-tax Act, 1961, added therein in the circumstances mentioned above ?" The facts found by the Tribunal as stated in the statement of case are as follows : The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Commissioner observed: The legal fiction contained in section 11(3) of the Income-tax Act, 1961, should be allowed to play to the fullest extent and there is no warrant to take a restricted view for denying the exemption which is specifically allowed by the statute. In fact, as per the law as stood from April 1, 1976, charitable trusts are permitted to accumulate up to 25% of their income with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra Pradesh High Court that it was necessary to remand the case. But, in the instant case, no argument at all has been advanced to show any infirmity in the order of the Tribunal. Since Mr. Moitra has failed to show us any infirmity in the order passed by the Tribunal, the question is answered in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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