2015 (6) TMI 38

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....y were correct in holding that the assessee was entitled to accumulation of income of 85% of the donations received during the current assessment year u/s 11(2) of the Act(without specifying the object of accumulation) as it was for the purposes of the trust without complying with the other provisions of the said section including Section 11(5) of the Act and failing to carry on any charitable activity during the current assessment year ?" 3. The brief facts of this case are: That the respondent - assessee is a registered charitable trust. For the relevant Assessment Year 2005-06, the Assessee had declared its total income as nil. In the said year, the Assessee - Trust had collected donations of Rs. 32,47,909/- and had made incidental....

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....(2) of the Act. Challenging the order of the Commissioner, the revenue filed an appeal before the Tribunal which has been dismissed by order dated 26.6.2003. Aggrieved by the same, this further appeal has been filed by the revenue. 6. We have heard Sri K.V. Aravind, learned counsel for the appellant as well as Sri A.Shankar, learned counsel for the respondent, at length and perused the records. 7. It is not disputed by the parties that the objects of the trust, as given in the trust deed, were 14 in number. The three purposes for which accumulation was prayed for and mentioned in Form -10 by the assessee were undisputedly covered by the objects of the trust. As such, it cannot be disputed that the purpose mentioned by the assessee whi....