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2015 (12) TMI 106 - AT - Income TaxAccumulation of income - 15% accumulation for application in future has to be calculated on gross receipts or net receipts after deduction of revenue expenditure? - Held that:- As per the statutory language of section 11(1)(a) the income which is to be taken for purpose of accumulation is the income derived by the trust from property any expenditure which is in the shape of application of income is not to be taken into account. Having found that trust is entitled to exemption under s. 11(1), we are to go to the stage of income before application thereof. The gross income earned by the assessee is relevant. See Jyothy Charitable Trust Versus The Deputy Commissioner of Income Tax (Exemptions) , Circle 17 (1) , Bangalore [2015 (11) TMI 1295 - ITAT BANGALORE] - Decided in favour of assessee.
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