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2015 (12) TMI 448 - AT - Income TaxCalculation of the deduction u/s. 11(1)(a) - e accumulation @ of 15% on net receipts by the AO compared to the calculation on gross receipts by the assessee - Held that:- The accumulation u/s 11(1)(a) of the Act should be allowed as claimed by the Assessee as relying on case of Jyothy Charitable Trust [2015 (11) TMI 1295 - ITAT BANGALORE] wherein held this issue is no longer res integra and has been decided by the Special Bench Mumbai in the case of Bai Sonabai Hirji Agiary Trust [2004 (9) TMI 300 - ITAT BOMBAY-E] 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. Thus the accumulation u/s 11(1)(a) of the Act should be allowed as claimed by the Assessee - Decided in favour of assessee.
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