https://www.taxtmi.com/caselaws?id=295930 Section 11(2) accumulation claims must be examined against the stated charitable objects and supporting facts, and vagueness in Form No. 10 may require fresh verification rather than outright denial. Payments made under directions of the Director, Marketing were treated as capable of constituting application of income for the assessee's objects, subject to verification of the underlying directions and records. Depreciation on capital assets was held allowable in computing income for charitable purposes. The claim to be treated as a local authority for exemption under section 10(26AAB) was rejected in line with the amended provision. en-us Wed, 11 Dec 2013 00:00:00 +0530 Fri, 25 Jun 2021 12:03:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295930 Section 11(2) accumulation claims must be examined against the stated charitable objects and supporting facts, and vagueness in Form No. 10 may require fresh verification rather than outright denial. Payments made under directions of the Director, Marketing were treated as capable of constituting application of income for the assessee's objects, subject to verification of the underlying directions and records. Depreciation on capital assets was held allowable in computing income for charitable purposes. The claim to be treated as a local authority for exemption under section 10(26AAB) was rejected in line with the amended provision. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295930