Court Rules: Charitable Organizations Can Accumulate 15% Income Based on Gross Receipts Under Income Tax Act Section 11.

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....Exemption u/s 11 - Accumulation of income - whether 15% accumulation for application in future has to be calculated on gross receipt or net receipt after deduction of revenue expenditure - accumulation u/s. 11(1)(a) should be allowed as claimed by the assessee....