TMI Blog2014 (4) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... inion – relying upon Gujarat Power Corporation v. Asst. CIT [2012 (9) TMI 69 - Gujarat High Court] - even when the AO in an order of assessment had accepted the assessee’s stand and granted the claim as put forth, reopening on the same issue would not be permissible on the basis of selfsame material on record. In the return filed itself, the petitioner had produced Form 10 as well as the resolution of the Trust setting apart such amount for a period of five years to be utilized for the purpose of the Trust - It was after scrutinizing the claim of deduction under section 11(2) of the Act that the AO framed the assessment - He made no disallowance on such claim - He disallowed part of the depreciation claimed by the assessee - Though ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and promotion of direct participation of women and their families in full use of the economy and for such purpose to provide loan guarantee or security to banks and other financial institutions to advance loan to women for their business or occupation or other related activities. It was requested that in view of this, the petitioner complied with the conditions laid down in section 11(2) of the Income Tax Act, 1961 and the benefit thereof may therefore be given exempting the income in respect of such accumulated or set apart income. The petitioner also produced a resolution of the Trust dated 3rd May 2008 resolving to accumulate such income for a period of five years for the object of the Trust. The return of the petitioner was taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of poor women, filed return of income for A.Y.2008-09 having deficit of Rs.(-)8,35,863/- on 30.09.2008. The case was assessed u/s.143(3) completed on 29.10.2010 determining income at Rs.7,95,101/- the assessee had shown gross receipts 24,44,05,668/- during the A.Y. And claimed accumulation of Rs.3,66,60,850/- u/s.11(1)(1) and Rs.1,30,75,000/- u/s.11(2) of the IT Act. Scrutiny of Form No.10 submitted by the assessee trust revealed that Rs.3.60 crores has been set apart without any specific purpose and it is for the expenditure of the general objects of the Trust, mentioned in Memorandum of Association. Since the purpose of the provision of sub-section 11(2) is to allow accumulation of funds for specific purpose only, the deduction clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al material would be a mere change of opinion. As held by this Court in the case of Gujarat Power Corporation v. Asst. CIT, 350 ITR 166 (Guj.), even when the Assessing Officer in an order of assessment had accepted the assessee s stand and granted the claim as put forth, reopening on the same issue would not be permissible on the basis of selfsame material on record. Similar view is also taken by the Delhi High Court in the case of CIT v. Usha International Ltd, 348 ITR 485 (Delhi). In the present case, the Assessing Officer had raised a pointed query with respect to the amount accumulated or set apart for utilization in subsequent years. He called upon the petitioner to give details and to produce computation of income and statutory form f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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