https://www.taxtmi.com/caselaws?id=400464 The Tribunal ruled in favor of the assessee, finding that the adjustment made during the income tax return processing was not in accordance with Section 11(1) of the Income Tax Act. It was determined that the computation of 15% accumulation should be based on the income declared by the assessee for all purposes, and not solely on the actual receipt of income during the year. The Tribunal emphasized that the term 'receipt' in Section 11(1) refers to the person in receipt, not the income derived from trust property. As a result, the adjustment was considered unjustified, and the assessee's appeal was allowed. en-us Wed, 04 Nov 2020 00:00:00 +0530 Sat, 07 Nov 2020 17:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400464 The Tribunal ruled in favor of the assessee, finding that the adjustment made during the income tax return processing was not in accordance with Section 11(1) of the Income Tax Act. It was determined that the computation of 15% accumulation should be based on the income declared by the assessee for all purposes, and not solely on the actual receipt of income during the year. The Tribunal emphasized that the term 'receipt' in Section 11(1) refers to the person in receipt, not the income derived from trust property. As a result, the adjustment was considered unjustified, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 04 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400464