Monday, August 10, 2015

[aaykarbhavan] Trust can earmark its existing fixed deposits for future application to claim exemption under sec. 11(2)



 

Trust can earmark its existing fixed deposits for future application to claim exemption under sec. 11(2)

August 10, 2015[2015] 59 taxmann.com 467 (Cochin - Trib.)/[2015] 41 ITR(T) 140 (Cochin - Trib.)
IT : In order to claim deduction under section 11(2) it is not necessary that deposits have to be made out of current year's income; earmarking of existing fixed deposits, which is free from any lien, towards income accumulated under section 11(2) during year under consideration would be sufficient compliance
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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