https://www.taxtmi.com/caselaws?id=65960 For a charitable trust whose income was not derived from a business undertaking, application of income under section 11 was to be determined from the trust accounts. The Tribunal noted that deferred dividend income was assessable in the year under the statutory fiction for dividend taxation, but that did not alter the section 11 computation. It further recognised that income-tax paid during the year could constitute application of income for charitable purposes. On the trust's accounts, sufficient income had been applied towards scholarships, tax payment, and other charitable objects in India, so the statutory requirement was satisfied and the income remained exempt. en-us Wed, 30 Nov 1983 00:00:00 +0530 Sat, 19 Feb 2011 15:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65960 For a charitable trust whose income was not derived from a business undertaking, application of income under section 11 was to be determined from the trust accounts. The Tribunal noted that deferred dividend income was assessable in the year under the statutory fiction for dividend taxation, but that did not alter the section 11 computation. It further recognised that income-tax paid during the year could constitute application of income for charitable purposes. On the trust's accounts, sufficient income had been applied towards scholarships, tax payment, and other charitable objects in India, so the statutory requirement was satisfied and the income remained exempt. Case-Laws Income Tax Wed, 30 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65960