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2010 (4) TMI 755 - AT - Income TaxExemption u/s 11(1)(a) - Scrutiny - Condonation of delay - Submission of Form No. 10 - Circular No. 273, dated 3-6-1980 - The Assessing Officer’s computation of income available for accumulation under section 11(1)(a) is correct and is in accordance with law - As rightly pointed out, for accumulation of income under section 11(1)(a), it is to be computed on commercial principles and not on gross receipts on rejection of the condonation application by the CIT, the assessee filed an additional ground before the Tribunal and the Tribunal in that case found the funds accumulated are for charitable purpose and the amounts are set apart/accumulated in FD in nationalized bank - whether the conditions mentioned in Circular No. 273, dated 3-6-1980 is fulfilled or not - if the delay in filing Form No. 10 is condoned by the Administrative CIT, this order of ours should not be an impediment for claiming exclusion from the total income as contemplated under section 11(2) of the Act - In the result, the appeal filed by the revenue is allowed
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