https://www.taxtmi.com/highlights?id=74475 Exemption u/s 11 - assessment of trust - accumulation of income - The AO and CIT(A) disallowed this accumulation, arguing that it was not for a specific purpose and was merely a reiteration of the trust's broad objectives. - The tribunal held that, the accumulation of income by the trust for its stated purposes was in line with the objectives of the trust and thus allowed the accumulation under section 11(2) of the Act. en-us Tue, 30 Jan 2024 08:51:19 +0530 Tue, 30 Jan 2024 08:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74475 Exemption u/s 11 - assessment of trust - accumulation of income - The AO and CIT(A) disallowed this accumulation, arguing that it was not for a specific purpose and was merely a reiteration of the trust's broad objectives. - The tribunal held that, the accumulation of income by the trust for its stated purposes was in line with the objectives of the trust and thus allowed the accumulation under section 11(2) of the Act. Highlights Income Tax Tue, 30 Jan 2024 08:51:19 +0530 https://www.taxtmi.com/highlights?id=74475