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2013 (12) TMI 609 - HC - Income TaxIntimation of accumulation of income - Held that:- The application under Section 11 (2) was not filed with the return by the assessee - The information was given during the process of the assessment, before the assessment was completed - There was sufficient material before the Assessing Officer both in the shape of the information furnished within the prescribed period and the proof of not only setting apart 85% of the amount to be spent in next year but also the expenditure of that amount in the next year - The insistence of furnishing of information on Form 10 as a condition precedent, is insistence on the form and not the substance of the provisions of the Act - The Tribunal was justified in remanding the matter back to examine the books of account of the assessee for assessment year 2009-10 to find out whether the amount was spent in the next year and if the investment exceeds unspent amount within the prescribed period, the Assessing Officer will condone the delay and irregularity in filing Form 10 - Decided in favour of assessee.
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