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2015 (11) TMI 1857 - AT - Income TaxExemption u/s 11 - accumulation of income u/s.11(1)(a) was computed at 15% of the net income from property held under trust and not from the gross income from property held under trust - HELD THAT:- We find that the issue raised before us is squarely covered by the judgment of Hon’ble Apex High Court in the case of Addl.CIT v. A. L. N. Rao Charitable Trust [1995 (10) TMI 2 - SUPREME COURT] Same view has been taken by us in the case of DCIT v. M/s. Rashtrothana Parishat [2016 (1) TMI 444 - ITAT BANGALORE] Accordingly we are of the opinion that assessee’s claim for accumulation under section 11(1)(a)of the Act, could not have been restricted and was eligible for accumulation of 15% of gross receipt from all streams of its income. Appeal of assessee allowed.
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