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2018 (3) TMI 1520 - AT - Income TaxDetermination of receipt for the purpose of accumulation of income of 15% u/s. 11(1)(a) - whether one has to take the gross receipt or the net receipt after reducing the expenditure incurred for charitable purposes from the gross receipts - Held that:- Having carefully examined the order of the CIT(Appeals) in the light of the order of the Tribunal in the case of Jyothy Charitable Trust ( 2015 (11) TMI 1295 - ITAT BANGALORE) and Tribunal in the case of in the case of Bai Sonabai Hirji Agiary Trust Vs. ITO (2004 (9) TMI 300 - ITAT BOMBAY-E) we find that though the CIT(Appeals) has made a reference to this order, but he has not specifically pointed out any reasons for not following the same. When the Tribunal has taken a particular view, the CIT(Appeals) is supposed to follow the same instead of taking a contrary view. We are therefore of the considered opinion that the impugned issue is squarely covered by the aforesaid order of the Tribunal, therefore by following the same, we direct the AO to consider the net receipt for the purpose of computation of accumulation of income of 15% u/s. 11(1)(A) Claim of depreciation to assessee trust to be allowed. - Assessee appeal allowed.
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