THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. I.T.O., WARD - 1(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm]

15% is indefinite accumulation and the assessee is not obliged to apply the same in subsequent years and can be retained as part of the corpus of the body. The AO has accepted which the same. But the institution has to comply with the requirements of section 11(5)(iii) of the Act. The ICC has fully complied with

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. ITO, WARD 1(3), EXEMPTION , KOLKATA

In the result, the appeal of the assessee is allowed