Accumulation u/s. 11(1)(a) allowed at 15% of gross receipts: ITAT Delhi

Artificial Limbs Manufacturing Corporation of India Vs ACIT (ITAT Delhi) ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordingly, appeal of the assessee allowed. Facts- Assessee has preferred the present appeal mainly contesting that on a due consideration of the facts and circumstances of the case, NFAC/ld. CIT(A) should have quashed the reassessment order dated 19.12.2017, on the grounds that Accumulation of 15% was to be computed on the basis of gross receipts and not net income. Conclusion- ITAT Bangalore Bench i...