https://www.taxtmi.com/caselaws?id=344375 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to calculate the allowable accumulation of income at 15% of the gross receipts under Section 11(1)(a) of the Income Tax Act. The decision clarified that accumulation should be based on gross receipts rather than net receipts after deducting expenditures, emphasizing the income derived by the trust from property and excluding certain expenditures from the accumulation calculation. This judgment establishes a consistent approach for charitable trusts in determining allowable accumulation and provides clarity on the interpretation of the Act. en-us Mon, 05 Jun 2017 00:00:00 +0530 Fri, 16 Jun 2017 09:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344375 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to calculate the allowable accumulation of income at 15% of the gross receipts under Section 11(1)(a) of the Income Tax Act. The decision clarified that accumulation should be based on gross receipts rather than net receipts after deducting expenditures, emphasizing the income derived by the trust from property and excluding certain expenditures from the accumulation calculation. This judgment establishes a consistent approach for charitable trusts in determining allowable accumulation and provides clarity on the interpretation of the Act. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344375