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