https://www.taxtmi.com/caselaws?id=404091 The Tribunal allowed the appeal of the assessee regarding the allowability of a 15% deduction under section 11(1)(a) of the Income Tax Act. It held that the deduction should be calculated on gross receipts before considering deductions for the application of income. The judgment reaffirmed the exclusion of amounts expended for trust purposes from the calculation of income for accumulation, aligning with established legal interpretations and judgments. en-us Thu, 11 Feb 2021 00:00:00 +0530 Mon, 15 Feb 2021 13:54:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404091 The Tribunal allowed the appeal of the assessee regarding the allowability of a 15% deduction under section 11(1)(a) of the Income Tax Act. It held that the deduction should be calculated on gross receipts before considering deductions for the application of income. The judgment reaffirmed the exclusion of amounts expended for trust purposes from the calculation of income for accumulation, aligning with established legal interpretations and judgments. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404091