Assessee is\u00a0 a charitable institution, engaged in business of micro-financing. During year, assessee claimed accumulation under section 11(2). Assessing Officer denied assessee’s claim on ground that purposes mentioned in Form No. 10 were general in nature and did not satisfy requirement of section 11(2).\u00a0 Commissioner (Appeals)\u00a0 had provided specific objective for utilization of accumulated amount which is\u00a0 for relief, rehabilitation and medical care of poor and weaker section and he held that assessee had made clear statement and set out purpose for which income was to be set apart.\u00a0 Order passed by Commissioner (Appeals) is\u00a0 upheld. Tribunal also held that\u00a0 administrative and establishment expenses incurred by assessee, a charitable institution, were part of application of income for charitable activities, accumulation was to be worked out by taking gross receipts in place of net receipts. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Accumulation of Income-Rehabilitation and medical care of poor and weaker section-Order of CIT(A) allowing the exemption is affirmed-Administrative and establishment expenses incurred by assessee, a charitable institution, were part of application of income for charitable activities. [S.11(2), Form 10] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55273","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-env","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55273"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55273\/revisions"}],"predecessor-version":[{"id":55274,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55273\/revisions\/55274"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}