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2021 (2) TMI 583 - AT - Income TaxExemption u/s 11 - Disallow statutory allowance of 15% u/s 11(1)(a) of the I.T.Act on the ground that there was no surplus left after deducting the application of income - HELD THAT:- It is settled law that 15% allowance u/s 11(1)(a) of the I.T.Act has to be allowed on the gross receipts. The Tribunal in assessee’s own case for assessment year 2011- 2012 [2015 (11) TMI 1295 - ITAT BANGALORE] had decided the identical issue in favour of the assessee. In view of the co-ordinate Bench order of the Tribunal in assessee’s own case, we hold that accumulation u/s 11(1)(a) of the I.T.Act should be allowed as claimed by the assessee. - Decided in favour of assessee.
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