TMI Blog2022 (11) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... assets. Now we would like to examine the application of accumulated fund. We find that the assessee in the balance sheet under SCHEDULE-B has reduced the said sum from opening balance of accumulated fund. We find that the assessee trust furnished details of each and every amount forming part of total amount - The sum which the ld. CIT ( E ) mentioned in the show cause notice issued u/s. 263 of the Act, is also part of the list of amount spent - On perusal of the details show that the assessee has accumulated the fund in the past as per provisions of section 11(2) and has rightly applied the accumulated fund for the purpose it was meant for. On perusal of the financial statements clearly shows that the assessee has not claimed the alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t ld. CIT-E ] dated 22.03. 2021 which is arising out of the assessment order framed by the AO, ITO( E ), W-1(3), Kolkata u/s 143(3) of the Act dated 02.08.2018. 2. Sole grievance of the assessee is that Ld. CIT (E) erred in initiating/invoking the provisions of section 263 of the Act holding that the assessment order dt. 02-08-2018 for the assessment year 2016-17 is erroneous and prejudicial to the interest of the revenue. 3. Brief facts of the case are that the assessee is a trust, engaged in the activities of the Protection of Women from Domestic Violence Act, 2005 and registered u/s. 12A of the Income-tax Act, 1961 ( in short, referred to as the Act vide order No. DIT( E )/T-169/8E/182/95-96 dated 28.03.96. Nil income declared i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions dt. 04.03. 2021 given to ld. CIT ( E ) Kolkata and also referred to various schedules showing details of accumulated fund and application during the year. It was asserted that the assessee has not claimed the alleged sum of Rs. 53,52,501/- as application of income during the year and, therefore, the revisionary proceedings carried out u/s. 263 of the Act are liable to be quashed. 7. Per contra, the Ld. Departmental Representative vehemently argued supporting the order of the ld.CIT ( E ). 8. We have heard the rival contentions and perused the material placed on record before us. Assuming jurisdiction u/s 263 of the Act by the ld. CIT ( E ) and holding the assessment order dt. 02-08-2018 as erroneous and prejudicial to the inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014-15 violence against women 39,86,869 TOTAL 53,52,501 9. Further, we find that the assessee trust furnished details of each and every amount forming part of total amount of Rs. 53,52,501/-, which is appearing at page 22-25 of the P.B. The sum of Rs. 12,26,014.75, which the ld. CIT ( E ) mentioned in the show cause notice issued u/s. 263 of the Act, is also part of the list of amount spent at Rs. 53,52, 501/- mentioned above. On perusal of the details show that the assessee has accumulated the fund in the past as per provisions of section 11(2) and has rightly applied the accumulated fund for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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