https://www.taxtmi.com/caselaws?id=264580 A charitable trust may validly exercise the option to set apart income for charitable purposes by disclosing that choice in the return filed within time, because Section 11 does not prescribe any particular form for exercising the option and the return disclosure was treated as sufficient compliance. Exemption for accumulation beyond the statutory 25 per cent limit is available only on strict compliance with Section 11(2), including investment of the excess in prescribed modes such as Government securities. Where the excess set apart was not so invested, the amount above the statutory ceiling was not exempt and remained taxable, requiring recomputation of the assessment accordingly. en-us Thu, 03 Sep 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264580 A charitable trust may validly exercise the option to set apart income for charitable purposes by disclosing that choice in the return filed within time, because Section 11 does not prescribe any particular form for exercising the option and the return disclosure was treated as sufficient compliance. Exemption for accumulation beyond the statutory 25 per cent limit is available only on strict compliance with Section 11(2), including investment of the excess in prescribed modes such as Government securities. Where the excess set apart was not so invested, the amount above the statutory ceiling was not exempt and remained taxable, requiring recomputation of the assessment accordingly. Case-Laws Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264580