https://www.taxtmi.com/caselaws?id=36989 The case involved a charitable trust claiming tax exemption for the assessment year 1966-67. The Income Tax Officer rejected the claim, but the Appellate Authority Commission held the entire amount exempt. The Tribunal ruled that only the invested amount was exempt, while the balance was taxable income. The High Court interpreted that section 11(2) applies to accumulations exceeding the limits of section 11(1)(a) and compliance with its conditions is necessary only for such excess accumulations. Ultimately, the Court ruled in favor of the assessee, exempting the claimed amounts under sections 11(1)(a) and 11(2). en-us Thu, 13 Sep 1979 00:00:00 +0530 Thu, 25 Mar 2010 17:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36989 The case involved a charitable trust claiming tax exemption for the assessment year 1966-67. The Income Tax Officer rejected the claim, but the Appellate Authority Commission held the entire amount exempt. The Tribunal ruled that only the invested amount was exempt, while the balance was taxable income. The High Court interpreted that section 11(2) applies to accumulations exceeding the limits of section 11(1)(a) and compliance with its conditions is necessary only for such excess accumulations. Ultimately, the Court ruled in favor of the assessee, exempting the claimed amounts under sections 11(1)(a) and 11(2). Case-Laws Income Tax Thu, 13 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36989