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2018 (2) TMI 161 - AT - Income TaxAccumulation of income for application for charitable purposes u/s. 11(1)(a) - to be allowed at 15% of gross receipts or net receipts i.e.; gross receipts less Revenue expenditure - Held that:- Respectfully following the decision of the co-ordinate bench in the case of Mary Immaculate Society (2015 (6) TMI 1149 - ITAT BANGALORE), we hold and direct the AO that the accumulation u/s. 11(1)(a) of the Act is to be allowed at 15% of gross receipts, as claimed by the assessee. Consequently, grounds raised by the Revenue are dismissed. Claim for Depreciation - Held that:- We uphold the order of the ld CIT(A) in directing the AO to allow the assessee’s claim for depreciation. See Al-Ameen Charitable Fund Trust & Others (2016 (3) TMI 462 - KARNATAKA HIGH COURT). Carry forward of excess application of income for set off as application against income of subsequent years - Held that:- Following the aforesaid decision of the co-ordinate bench in the case of Shraddha Trust [2017 (4) TMI 1289 - ITAT BANGALORE] we uphold the order of the ld CIT(A) in directing the AO to allow the assessee’s claim for carry forward of surplus application of income for set off as application against income of subsequent years
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