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2021 (12) TMI 874 - AT - Income TaxExemption u/s 11 - assessee claimed accumulation of income for application for charitable purpose at 15% of the gross receipts - AO was of the view that accumulation will be allowed only to the extent of 15% of the income after revenue expenditure - HELD THAT:- . We find that this issue is no longer res integra as held by the Special Bench of the Mumbai in the case of Bai Sonabai Hirji Agency Trust [2004 (9) TMI 300 - ITAT BOMBAY-E] - Also in the case BHAGWAN MAHAVEER MEMORIAL JAIN EDUCATIONAL AND CULTURAL TRUST, BANGALORE AND (VICE-VERSA) [2019 (8) TMI 1194 - ITAT BANGALORE] to hold that the accumulation u/s. 11(1)(a) of the Act should be allowed as claimed by the assessee and the AO is directed to do so - Decided in favour of assessee.
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