https://www.taxtmi.com/caselaws?id=61968 The Tribunal overturned the denial of exemption under section 11(2) of the Income-tax Act, 1961 for the assessment years 1995-96 and 1996-97. The Assessing Officer and Commissioner (Appeals) had rejected the exemption, citing lack of specific purpose for income accumulation. However, the Tribunal found the trust had specified clear purposes for accumulation, contrary to the lower authorities' interpretations. Consequently, the Tribunal allowed the appeals, granting the exemption and setting aside the orders of the revenue authorities for the assessment years in question. en-us Mon, 11 Jun 2001 00:00:00 +0530 Mon, 17 Jan 2011 13:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61968 The Tribunal overturned the denial of exemption under section 11(2) of the Income-tax Act, 1961 for the assessment years 1995-96 and 1996-97. The Assessing Officer and Commissioner (Appeals) had rejected the exemption, citing lack of specific purpose for income accumulation. However, the Tribunal found the trust had specified clear purposes for accumulation, contrary to the lower authorities' interpretations. Consequently, the Tribunal allowed the appeals, granting the exemption and setting aside the orders of the revenue authorities for the assessment years in question. Case-Laws Income Tax Mon, 11 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61968