TMI BlogExemption u/s 11 - assessment of trust - accumulation of income - The AO and CIT(A) disallowed this...Exemption u/s 11 - assessment of trust - accumulation of income - The AO and CIT(A) disallowed this accumulation, arguing that it was not for a specific purpose and was merely a reiteration of the trust's broad objectives. - The tribunal held that, the accumulation of income by the trust for its stated purposes was in line with the objectives of the trust and thus allowed the accumulation under section 11(2) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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