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2017 (4) TMI 67 - AT - Income TaxNot allowing the accumulation of the 15% and the income was allowed u/s.11(1)(a) - Held that:-CIT(A) has relied on the decision of Hon’ble Supreme Court in the case of A.I.N. Rao Charitable Trust (1995 (10) TMI 2 - SUPREME Court) wherein, it is held that exemption available u/s.11(1)(a) i.e. 15% of income is unfettered and not subject to any conditions. In the case before us, assessee has claimed 15% accumulation u/s.11(1)(a) of the Act. Hence, we do not see any reason to interfere with the order of the Ld. CIT(A) and reject ground of appeal taken by department. Disallowance of dividend income from investment in UTI units as exempt u/s.10(33) - Held that:- Dividend income on shares and mutual funds and long term capital gain on sale of shares an exempt u/s 10(34),10(35) and 10(38) respectively and cannot be brought to tax by applying section 11 and 13 of the Act. In view of the order passed by the co-ordinate bench we allowed this issue in favour of the assessee and delete the addition confirmed by the CIT(A) in question. Assessee is entitled to carry forward the excess application to the subsequent years.
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