1982 (1) TMI 107

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....appeal by the department in the case of the assessee-trust, M. Ct. Chidambaram Chettiar Foundation. The appeal relates to the assessment year 1973-74 for which the previous year ended on 31-12-1972. This Foundation Trust is undisputedly a trust established for charitable purposes entitled to exemption under section 11 of the Income-tax Act, 1961 ("the Act"). It applied for accumulation of income o....

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....d amount to extending the time limit of ten years already granted for accumulation for the identical objects in the case of the author-trusts. The AAC in appeal against the assessment accepted the assessee's claim and held that the assessee was entitled to exemption under section 11 irrespective of what happened in the case of the three trusts who were the authors of the assessee-trust because the....

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....od it had made over the accumulated income to the assessee-trust without utilising it in establishing, acquiring or maintaining educational institutions hospitals, etc. (IT Appeal Nos. 2237, 2238 and 2239 (Mds.) of 1976-77) [published elsewhere in this issue]. We have separately disposed of those appeals upholding the claim of the assessees in that case that the making over of the fund representin....