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2009 (8) TMI 103 - PUNJAB AND HARYANA HIGH COURTAssessee is a charitable society claimed exemption under section 11(1)(a) and section 12(1). The same was declined by the Assessing Officer on the ground that the assessee was a society and not a trust. The Assessing Officer also made additions in respect of rental income, foreign contributions, registration charges, building funds and expenditure out of earmarked funds. The Assessing Officer also raised objection that revised Form No. 10 was not furnished with the return. – while dismissing the revenue’s appeal, We hold that Commissioner of Income-tax (Appeals) had rightly observed that: “appellant has modified Form No.10 in the course of assessment proceedings. The modified Form No. 10 has also been rejected by the Assessing Officer on the ground that there is no provision in the Act for revising Form No. 10. It was submitted that there is no specific bar prohibiting the appellant from modifying the figure of accumulation. In the light of the ratio laid down by the Supreme Court in the case of CIT v. Nagpur Hotel Owners’ Association, Form 10 may be furnished before the assessing authority completes the concerned assessment.” - regards the question of additions made on account of interest earned on deposit out of unutilized foreign contributions, Form No. 10 having been held to be valid, the additions were not called for. The claim for exemption falls under section 11(1) (a); as income has been derived from property – further it is held that assessee could not be denied exemption u/s 11 on ground that it was not a trust but a society
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