https://www.taxtmi.com/caselaws?id=335656 The Tribunal allowed the appeal, overturning the denial of a 15% deduction under section 11(1) of the Income Tax Act. It held that the assessee should be entitled to the deduction if income is applied for its objects, irrespective of meeting the 85% threshold. The Tribunal clarified that to claim 100% exemption, the total income applied and accumulated should reach 85%. Therefore, the assessee was granted a deduction of Rs. 1,75,804, representing 15% of the income from the trust-property. en-us Tue, 15 Nov 2016 00:00:00 +0530 Mon, 05 Dec 2016 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335656 The Tribunal allowed the appeal, overturning the denial of a 15% deduction under section 11(1) of the Income Tax Act. It held that the assessee should be entitled to the deduction if income is applied for its objects, irrespective of meeting the 85% threshold. The Tribunal clarified that to claim 100% exemption, the total income applied and accumulated should reach 85%. Therefore, the assessee was granted a deduction of Rs. 1,75,804, representing 15% of the income from the trust-property. Case-Laws Income Tax Tue, 15 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335656