https://www.taxtmi.com/caselaws?id=758030 ITAT Mumbai ruled against a charitable trust on multiple grounds. The tribunal held that standard deduction of 30% under section 24A cannot be allowed when computing income under section 11 exemption provisions. However, actual repair and maintenance expenses must be allowed as deductions before determining income available for accumulation under section 11(2). The trust's claim for accumulation deduction under section 11(2) was rejected due to failure to provide details regarding fund availability for investments in specified modes under section 11(5). en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758030 ITAT Mumbai ruled against a charitable trust on multiple grounds. The tribunal held that standard deduction of 30% under section 24A cannot be allowed when computing income under section 11 exemption provisions. However, actual repair and maintenance expenses must be allowed as deductions before determining income available for accumulation under section 11(2). The trust's claim for accumulation deduction under section 11(2) was rejected due to failure to provide details regarding fund availability for investments in specified modes under section 11(5). Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758030