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2011 (2) TMI 805 - ITAT, LUCKNOWScope of Exemption under 11(1) and 11(2)-Assessee applied more than 85 percent of Income- AO disallowed accumulation under section 11(2) of the act. - Held that:-The provisions contained in section 11(2) do not in any manner restrict the operation of section 11(1) of the IT Act and the accumulated income, which was less than 15 per cent of the total income, was also exempt because the restriction provided in section 11(2) of the IT Act comes into operation only when the accumulation is more than 15 per cent which is not in the facts of the present case. - The appeal of the assessee is allowed.
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