https://www.taxtmi.com/caselaws?id=349220 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to tax the trust's surplus income not utilized for charitable purposes at the maximum marginal rate. Despite having 12A registration, the trust failed to meet the 85% spending requirement and did not seek permission for accumulation of surplus income under section 11(2) of the Act. The trust's claim for exemption of entire income was rejected, and it was held that as a discretionary trust, it was subject to taxation at the maximum marginal rate as per Sec.164(1). The appeal was dismissed, affirming the taxation of surplus income at the maximum marginal rate. en-us Fri, 06 Oct 2017 00:00:00 +0530 Mon, 09 Oct 2017 11:27:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349220 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to tax the trust's surplus income not utilized for charitable purposes at the maximum marginal rate. Despite having 12A registration, the trust failed to meet the 85% spending requirement and did not seek permission for accumulation of surplus income under section 11(2) of the Act. The trust's claim for exemption of entire income was rejected, and it was held that as a discretionary trust, it was subject to taxation at the maximum marginal rate as per Sec.164(1). The appeal was dismissed, affirming the taxation of surplus income at the maximum marginal rate. Case-Laws Income Tax Fri, 06 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349220