https://www.taxtmi.com/caselaws?id=309429 The Tribunal found that the charitable trust complied with the legal requirements for accumulation under Section 11(2) of the Income Tax Act. It held that the objectives stated in Form No. 10 were specific enough as per the trust's bye-laws, rejecting the Assessing Officer's argument that the objectives were too vague. The Tribunal emphasized that the availability of funds was not a relevant factor for denying the accumulation benefit. The appeal was allowed, and the order was pronounced on October 15, 2015. en-us Thu, 15 Oct 2015 00:00:00 +0530 Sat, 02 Sep 2023 21:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309429 The Tribunal found that the charitable trust complied with the legal requirements for accumulation under Section 11(2) of the Income Tax Act. It held that the objectives stated in Form No. 10 were specific enough as per the trust's bye-laws, rejecting the Assessing Officer's argument that the objectives were too vague. The Tribunal emphasized that the availability of funds was not a relevant factor for denying the accumulation benefit. The appeal was allowed, and the order was pronounced on October 15, 2015. Case-Laws Income Tax Thu, 15 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309429