https://www.taxtmi.com/caselaws?id=462095 For section 11(1), the permissible 15% accumulation is computed on gross income or receipts derived from property held under trust, not on net receipts after application of income for charitable purposes. The Tribunal followed the Supreme Court's view and the assessee's prior year decision, holding that restricting the exemption to net receipts was unsustainable. en-us Mon, 13 Jul 2020 00:00:00 +0530 Wed, 21 May 2025 15:47:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462095 For section 11(1), the permissible 15% accumulation is computed on gross income or receipts derived from property held under trust, not on net receipts after application of income for charitable purposes. The Tribunal followed the Supreme Court's view and the assessee's prior year decision, holding that restricting the exemption to net receipts was unsustainable. Case-Laws Income Tax Mon, 13 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462095