https://www.taxtmi.com/caselaws?id=300169 The Tribunal ruled in favor of the appellant, holding that accumulation of income under section 11(1)(a) of the Income-tax Act should be based on gross income from property held under trust, not net income. The appellant's contention that accumulation should be calculated with reference to gross income, not limited to the net amount, was upheld. Citing relevant precedents, the Tribunal emphasized that accumulation for exemption purposes must be computed based on gross income. Consequently, the appellant's appeal was allowed, and the decision was rendered on November 27, 2015. en-us Fri, 27 Nov 2015 00:00:00 +0530 Fri, 14 Jan 2022 20:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300169 The Tribunal ruled in favor of the appellant, holding that accumulation of income under section 11(1)(a) of the Income-tax Act should be based on gross income from property held under trust, not net income. The appellant's contention that accumulation should be calculated with reference to gross income, not limited to the net amount, was upheld. Citing relevant precedents, the Tribunal emphasized that accumulation for exemption purposes must be computed based on gross income. Consequently, the appellant's appeal was allowed, and the decision was rendered on November 27, 2015. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300169