Income Accumulation for future utilization on one of trust’s object stated in memorandum is not accumulation towards general purpose

The ITAT Delhi in the case of Fashion Design Council of India vs. Assistant DIT held that accumulation of income for utilization in future is allowable as deduction when the same is accumulated for meeting an object stated in trust’s charter document and AO cannot treat the same as accumulation for general & indefinite purpose merely because that object had been most pursued one by the trust.  Facts of the case: Assessee trust registered u/s 12AA incorporated for the promotion of Fashion Design Industries. For AY 2007-08 it filed its return of income on 31.10.2007 disclosing nil incom...