Exemption u/s 11 - assessment of trust - accumulation of income ...

Tribunal Permits Trust's Income Accumulation, Overturning Disallowance by Tax Authorities u/s 11(2.

January 30, 2024

Case Laws Income Tax AT

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.

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Exemption u/s 11 - assessment of trust - accumulation of income ...

Tribunal Permits Trust's Income Accumulation, Overturning Disallowance by Tax Authorities u/s 11(2.

January 30, 2024

Case Laws Income Tax AT

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