1989 (8) TMI 19

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.... referred the following question of law to this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee's right to accumulate 25% of the total income of the previous year extended to the deemed income under section 11(3) of the Income-tax Act, 1961, added therein in the circumstances mentioned above ?" The facts found b....

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....e. The Tribunal in agreeing with the decision of the Appellate Assistant Commissioner observed: The legal fiction contained in section 11(3) of the Income-tax Act, 1961, should be allowed to play to the fullest extent and there is no warrant to take a restricted view for denying the exemption which is specifically allowed by the statute. In fact, as per the law as stood from April 1, 1976, c....