AO had restricted the accumulation up to the extent of 15 per cent. of the net receipts only, Tribunal held that the accumulation under S. 11(1)(a) of the Act is to be allowed at 15 per cent. of gross receipts, as claimed by the assessee. (AY. 2012-2013)
Green Wood High Trust v. ACIT(E) (2018) 62 ITR 264 (Bang.)(Trib.)
S.11: Property held for charitable purposes -Accumulation of income — Allowable at fifteen per cent. on gross receipts