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2004 (9) TMI 91 - HC - Income TaxCharitable purpose - benefit of section 11(1)(a) - According to the Assessing Officer, the assessee did not apply 75 per cent, of his income for charitable purposes and therefore, it was liable to tax. The Assessing Officer, taking note of the fact that the assessee exceeded the 25 per cent, limit for accumulation and so the assessee ought to have sent a notice of accumulation in Form No. 10, the Assessing Officer treated the entire amount as taxable income – Held that amount has been set apart for utilizing for charitable purposes in the subsequent year, will amount to exercising option under Explanation (2)(i) or (ii) to section 11(1)(a) and such amount can be taken as amount set apart for application under section 11(1)(a) – Further, it is held that there is no mandatory requirement under section 11(1) requiring the assessee to exercise the option when he seeks relief under section 11(1) of the Act, as it is enough for the assessee to submit a statement along with the return to exercise such option – Revenue appeal dismissed
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