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2010 (6) TMI 594 - AT - Income TaxDeduction for accumulation of income to the extent of 15 per cent - assessee had shown total receipt of ₹ 1,32,19,569 as per receipt and payment account, however, the Assessing Officer had calculated the exemption @15 per cent under section 11(1)(a) of the Act with reference to ₹ 68,32,435 - Apex Court in the case of Programme for Community Organisation [2000 (11) TMI 4 - SUPREME Court] wherein it was held that - from the plain language of section 11(1)(a) of the Act, it was clear that a charitable or religious trust is entitled to accumulate 25 per cent of its income derived from property held under trust and in the said case, the donations received by the assessee were of ₹ 2,57,376 which constituted this property and was held to be entitled to accumulate 25 per cent there out and not merely 25 per cent of the balance of ₹ 87,0107 - Decided in favor of the assessee
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