15% accumulation on Profit & gains from incidental business of charitable trust allowed

Shree Bhartimaiya Memorial Foundation Vs ACIT (ITAT Ahmedabad ) ITAT Ahmedabad held that only profit and gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act. Facts- The assessee is a registered charitable trust, both under the Income Tax Act and with the Charity Commissioner, providing services to the public at large. During the impugned year it had shown gross receipts of Rs.23,90,62,222/- including receipt of Rs.7,40,55,485/- from its pharmacy business. ...