https://www.taxtmi.com/caselaws?id=472190 Prior-year accumulation under Section 11(2) used for construction should not be included in current-year receipts when computing exempt income; the computation must consider net surplus rather than gross receipts. Verified capital expenditure on solar-lamp and RO water-treatment facilities serving rural and backward communities constitutes application of income for charitable purposes where it accords with the trust's objects. Individual beneficiary details are not required for facilities made available to the public in rural areas. Accordingly, these construction and community-facility expenditures do not warrant disallowance in calculating the charitable trust's exempt income. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 01 Oct 2026 17:35:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472190 Prior-year accumulation under Section 11(2) used for construction should not be included in current-year receipts when computing exempt income; the computation must consider net surplus rather than gross receipts. Verified capital expenditure on solar-lamp and RO water-treatment facilities serving rural and backward communities constitutes application of income for charitable purposes where it accords with the trust's objects. Individual beneficiary details are not required for facilities made available to the public in rural areas. Accordingly, these construction and community-facility expenditures do not warrant disallowance in calculating the charitable trust's exempt income. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472190