Trust Entitled to Exemption u/s 11(1) of Income Tax Act; Deduction Based on Pre-Application Income Permitted.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Calculation of the deduction u/s. 11(1)(a) - Having found that trust is entitled to exemption under s. 11(1), we are to go to the stage of income before application thereof. Thus the accumulation u/s 11(1)(a) should be allowed as claimed by the Assessee - AT....