https://www.taxtmi.com/caselaws?id=204907 The Tribunal allowed the revenue's appeal, reversing the CIT(A)'s decision. It held that accumulation of income under section 11(1)(a) should be based on income computed on commercial principles rather than gross receipts. Additionally, it emphasized the need for condonation of delay by the Administrative CIT for the assessee to claim the benefit under section 11(2). The Tribunal supported the Assessing Officer's reliance on relevant case laws and found the Supreme Court decision inapplicable to the case. en-us Mon, 12 Apr 2010 00:00:00 +0530 Wed, 08 Jun 2011 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204907 The Tribunal allowed the revenue's appeal, reversing the CIT(A)'s decision. It held that accumulation of income under section 11(1)(a) should be based on income computed on commercial principles rather than gross receipts. Additionally, it emphasized the need for condonation of delay by the Administrative CIT for the assessee to claim the benefit under section 11(2). The Tribunal supported the Assessing Officer's reliance on relevant case laws and found the Supreme Court decision inapplicable to the case. Case-Laws Income Tax Mon, 12 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204907