https://www.taxtmi.com/caselaws?id=796182 Optional accumulation available to a charitable trust is described as an entitlement rather than a compulsory reduction of a deficit caused by excess charitable application. Accordingly, earlier-year excess application may be carried forward and adjusted against subsequent income without reducing the deficit by the permissible accumulation. The notes also address charitable status for activities advancing an object of general public utility, treating such activities as eligible for exemption, and income computation on normal commercial principles. Assets used for the trust's functional objects are treated as plant and machinery, making depreciation an allowable expenditure in computing trust income. en-us Wed, 22 Jul 2026 00:00:00 +0530 Sat, 01 Aug 2026 08:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796182 Optional accumulation available to a charitable trust is described as an entitlement rather than a compulsory reduction of a deficit caused by excess charitable application. Accordingly, earlier-year excess application may be carried forward and adjusted against subsequent income without reducing the deficit by the permissible accumulation. The notes also address charitable status for activities advancing an object of general public utility, treating such activities as eligible for exemption, and income computation on normal commercial principles. Assets used for the trust's functional objects are treated as plant and machinery, making depreciation an allowable expenditure in computing trust income. Case-Laws Income Tax Wed, 22 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796182