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TMI Blog2015 (9) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Hon’ble Supreme Court in the case of CIT Vs. Programme for Community Organisation [2000 (11) TMI 4 - SUPREME COURT] as held it is clear that a charitable or religious trust is entitled to accumulated twenty-five percent of income derived from property held under trust. For the present purposes the donations the assessee received, in the sum of ₹ 2,57,376, would constitute its property and it is entitled to accumulate twenty five per cent thereout. - Decided against revenue - ITA No.2208/Ahd/2013 - - - Dated:- 29-9-2015 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER For the Appellant : Shri Somogyan Pal, Sr.DR For the Respondent : Shri P.B. Kedia ORDER PER RAJPAL YADA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced the controversy. It is very small decision. It read as under: 1. The questions that were referred to the High Court for consideration, at the instance of the revenue, read thus : I. Whether, on the facts and in the circumstances of the case and on an interpretation of the relevant provisions of the Income-tax Act, 1961, the assessee is entitled to exemption at 25 per cent on ₹ 2,57,376 or only on ₹ 87,010 ? 2. Whether, on the facts and in the circumstances of the case, should not the Tribunal have accepted the view of the revenue expressed in the circular, the same being consistent with the relevant provisions of the Income-tax Act, 1961 ? 3. Whether, on the facts and in the circumstances of the case, and also c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the extent to which the income so accumulated or set apart is not in excess of twenty-five per cent of the income from such property; 4. Having regard to the plain language of the above provision, it is clear that a charitable or religious trust is entitled to accumulated twenty-five percent of income derived from property held under trust. For the present purposes the donations the assessee received, in the sum of ₹ 2,57,376, would constitute its property and it is entitled to accumulate twenty five per cent thereout. It is unclear on what basis the revenue contended that it was entitled to accumulate only twenty-five per cent of ₹ 87,010. 5. For the aforesaid reasons, the civil appeal is dismissed. 6. No order as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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