Case Law Details
Indian Medical Association Vs ITO (ITAT Ahmedabad)
Having regard to the plain language of the above provision, it is clear that a charitable or religious trust is entitled to accumulate twenty-five per cent, of its income derived from property held under trust. For the present purposes, the donations the assessee received, would constitute its property and it is entitled to accumulate twenty-five per cent of that income and not the 25% of income left after application. Therefore, assessee was entitled for carry forward of deficit @ 15%.
FULL TEXT OF THE ITAT JUDGEMENT
1. These two appeals have been filed by the Assessee and one cross appeal has been filed by the Revenue against the order of the learned Commissioner (Appeals). Since Assessees and assessment years are common, therefore, for the sake of brevity, we would like to dispose of all three appeals by way of a common order.
2. First of all, we would like to deal with ITA No. 611/Ahd/2018. There is a delay of 65 days for filing of appeals on behalf of the assessee in support of its contention, the appellant has filed an affidavit of its staff giving reason for delay for filing of appeals. We are satisfied with the reasons given by the appellant and would like to condone the delay and proceed with the appeal.
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