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2022 (3) TMI 711 - AT - Income TaxAccumulation under section 11(1)(a) - Whether CIT(A) has erred allowing the assessee accumulation u/s. 11(1)(a) at the rate of 15% instead of allowing the accumulation to the extent of available surplus funds/income as provided in section 11(1)(a) - HELD THAT:- Tribunal the decision in the assessee's own case relating to the Asstt. Years 2010-11 and 2012-13 [2015 (9) TMI 1637 - ITAT AHMEDABAD] and [2019 (1) TMI 1340 - ITAT AHMEDABAD] wherein this Tribunal has allowed claim of the assessee for accumulation of income and set off of income to the extent of 15% of the receipt as contemplated under section 11(1)(a) of the Act. Carry forward of excess expenses and set off of the same in the subsequent year - In view of above decisions of the co-ordinate bench in assessee's own case for the earlier asst. years 2010-11 and 2012-13, we have no hesitation in following the same ratio for the present asst. year 2015-16 and reject the Grounds filed by the Revenue and upheld the action of the assessee in accumulating 15% of income derives from property held under the Trust u/s. 11[1][a] of the Act. On the second issue of carry forward and set off of losses against the income of the current year, this has been put at rest by the Apex Court and Hon'ble Jurisdictional High Court in favour of the assessee and therefore remains no more res integra. Thus, we do not find any merit in the appeal filed by the Revenue, which is dismissed.
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