https://www.taxtmi.com/caselaws?id=62813 A written option under the Explanation to section 11(1) is valid where it tracks the statutory language and clearly states that unspent income will be applied in the subsequent year. A loan to another charitable institution can count as application of income if the recipient's objects align with the assessee's charitable purposes and the advance furthers those objects. For section 11(2), an earlier fixed deposit may satisfy the accumulation requirement if it represents money available for the trust's set-apart funds, even if it did not originate from the current year's income. The stated position is that these features support exemption under section 11. en-us Wed, 16 Jan 1985 00:00:00 +0530 Fri, 21 Jan 2011 18:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62813 A written option under the Explanation to section 11(1) is valid where it tracks the statutory language and clearly states that unspent income will be applied in the subsequent year. A loan to another charitable institution can count as application of income if the recipient's objects align with the assessee's charitable purposes and the advance furthers those objects. For section 11(2), an earlier fixed deposit may satisfy the accumulation requirement if it represents money available for the trust's set-apart funds, even if it did not originate from the current year's income. The stated position is that these features support exemption under section 11. Case-Laws Income Tax Wed, 16 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62813