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Income Tax - Highlights / Catch Notes

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Rectification u/s 154 - Exemption u/s 11 - accumulation of ...

Income Tax

September 6, 2021

Rectification u/s 154 - Exemption u/s 11 - accumulation of income for charitable purpose - mistake apparent from the record - whether accumulation at 15% has to be computed on the gross receipts in terms of section 11(1)(a) of the Act and not on the net receipts as computed by the AO? - In view of CBDT circular and Decision of Supreme Court, since there is apparent mistake, AO directed to rectify the same - AT

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