2016 (1) TMI 123

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.... The orders of the authorities below in so far as they are against the appellant are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. (2) The learned CIT(A) is not justified in upholding, in principle, the action of the learned AO in computing the accumulation of income u/s 11(1)(a) of the Act, at 15% of the net income from property held under trust after deducting revenue expenditure incurred by the appellant as against a sum of Rs. 51,52,825/- claimed by the appellant on the basis of the gross income from property held under trust under the facts and in the circumstances of the appellant's case. (3) For the above and other grounds that may be urged at the time of hearing of the appeal, ....

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....amount available in the hands of the trust (para VI) 44,30,789   VII. Amount accumulated u/s 11(2) (Form No.10 filed) 7,22,037   VIII. Balance taxable income   Nil IX. Tax thereon   Nil Tax deducted source   Nil X. Balance payable refundable       4. From the above computation, it is clear that vide column No.6, the learned AO observed that only 15% of net surplus is allowed to be accumulation under the provision of sec. 11(1)(a) of the Income-tax Act. 5. The assessee society being aggrieved by this observation filed an appeal before the learned CIT(A), who vide impugned order dismissed the appeal by giving the following finding: "3.7 I find from the AO's treatment that the dif....