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2022 (1) TMI 594 - AT - Income TaxExemption u/s 11 - eligible for deemed utilization of the income received as per provisions of section 11(1)(a) on the Gross Income - HELD THAT:- The accumulation of income to the extent of 15% of the income is to be calculated on the gross receipts. We therefore see no reason to interfere in the order passed by the Ld. CIT(A) holding so. The decision referred to by the Ld.DR in the case of Escorts Ltd. [1992 (10) TMI 1 - SUPREME COURT] we find has been dealt with by the Ld.CIT(A) pointing out that it pertained to a different issue relating to deduction u/s 35(2)(iv) of the Act. Ld.DR did not controvert this finding of the Ld.CIT(A) before us. Therefore the case law relied upon by the Ld.DR merits no consideration. - Decided against revenue.
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