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Case Law Details

Case Name : Artificial Limbs Manufacturing Corporation of India Vs ACIT (ITAT Delhi)
Related Assessment Year : 2015-16
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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

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