https://www.taxtmi.com/caselaws?id=29502 The court set aside the assessment by the Income-tax Officer (ITO) regarding accumulation exceeding 25% of total income for the estate of Shri V. L. Ethiraj. The Tribunal directed the ITO to reassess the accumulation by determining total income under each head with relevant statutory deductions before considering any other outgoings. The court held that income derived from property held under trust for charitable purposes should not be computed under different heads with statutory deductions. The court answered the first issue negatively, thus not addressing the consideration of outgoings beyond statutory deductions. en-us Thu, 13 Dec 1979 00:00:00 +0530 Sat, 13 Mar 2010 13:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29502 The court set aside the assessment by the Income-tax Officer (ITO) regarding accumulation exceeding 25% of total income for the estate of Shri V. L. Ethiraj. The Tribunal directed the ITO to reassess the accumulation by determining total income under each head with relevant statutory deductions before considering any other outgoings. The court held that income derived from property held under trust for charitable purposes should not be computed under different heads with statutory deductions. The court answered the first issue negatively, thus not addressing the consideration of outgoings beyond statutory deductions. Case-Laws Income Tax Thu, 13 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29502