https://www.taxtmi.com/caselaws?id=796182 Charitable status for advancement of objects of general public utility remains available where the activities retain their charitable character, supporting exemption. Trust income is computed on normal commercial principles, allowing depreciation on assets used for its functional purposes as plant and machinery. Excess charitable application in an earlier year may be carried forward and adjusted against subsequent income. The statutory entitlement to accumulate 15% of income is optional, not mandatory; it cannot be used to reduce a deficit arising from expenditure exceeding receipts. Such subsequent adjustment constitutes application of income for charitable purposes. 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 Charitable status for advancement of objects of general public utility remains available where the activities retain their charitable character, supporting exemption. Trust income is computed on normal commercial principles, allowing depreciation on assets used for its functional purposes as plant and machinery. Excess charitable application in an earlier year may be carried forward and adjusted against subsequent income. The statutory entitlement to accumulate 15% of income is optional, not mandatory; it cannot be used to reduce a deficit arising from expenditure exceeding receipts. Such subsequent adjustment constitutes application of income for charitable purposes. Case-Laws Income Tax Wed, 22 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796182