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2015 (9) TMI 542 - AT - Income TaxMeaning of expression “such income” in section 11(1)(a) - Held that:- Identical issue was considered by the Apex Court in Commissioner of Income-Tax Versus Programme For Community Organisation (2000 (11) TMI 4 - SUPREME Court ) which was also applied by the Special Bench of the ITAT Mumbai in Bai Sonabai Hirji Agiary Trust. Versus Income-Tax Officer. [2004 (9) TMI 300 - ITAT BOMBAY-E] holding that the expression “such income” means gross income and not the net income after deducting the administrative expenditure. Thus to hold that the claim of assessee is in accordance with law. Since the expenditure incurred by the assessee was more than 93% of the gross receipts, no part of the gross receipts are liable to be taxed in the year under consideration, since the balance amount was set apart for application in the next year. With these observations, the appeal filed by the assessee-trust is allowed. - Decided in favour of assessee.
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