https://www.taxtmi.com/caselaws?id=21366 HC held that for a charitable or religious trust governed by s.11, only "real income" is relevant and the income, including capital gains, must be tested exclusively under the scheme of s.11. The heads of income under s.14 and related statutory deductions, such as deduction u/s 80T on capital gains from sale of shares, are inapplicable when computing application or accumulation under s.11. If the trust fails to comply with s.11(2), it forfeits even the basic accumulation permitted under s.11(1), and the entire accumulated amount becomes taxable. Consequently, the trust is not entitled to deduction u/s 80T; the reference was answered in favour of Revenue. en-us Tue, 25 Jun 1991 00:00:00 +0530 Mon, 08 Dec 2025 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21366 HC held that for a charitable or religious trust governed by s.11, only "real income" is relevant and the income, including capital gains, must be tested exclusively under the scheme of s.11. The heads of income under s.14 and related statutory deductions, such as deduction u/s 80T on capital gains from sale of shares, are inapplicable when computing application or accumulation under s.11. If the trust fails to comply with s.11(2), it forfeits even the basic accumulation permitted under s.11(1), and the entire accumulated amount becomes taxable. Consequently, the trust is not entitled to deduction u/s 80T; the reference was answered in favour of Revenue. Case-Laws Income Tax Tue, 25 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21366