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2015 (10) TMI 1503 - AT - Income TaxEntitlement to accumulate the unutilised fund - claim exemption under S.11 - Held that:- As gone through the order passed by the CIT(A) in assessee’s own case for assessment year 2002-03, wherein in identical circumstances, the assessee was given the benefit of doubt and concluded that the assessee is entitled to accumulate the unutilised fund, since From 10 alongwith the auditor’s report was furnished alongwith the revised return. Having regard to the circumstances of the case, I deem it fair and reasonable to set aside the order passed by the CIT(A) and restore the matter to his file with a direction to the learned CIT(A) to reconsider the matter in the light of the view taken in assessee’s own case for assessment year 2002-03; if, by the time case is reconsidered by the CIT(A), the Tribunal takes any view in assessee’s own case for the earlier year, the same can also be taken into consideration by the learned CIT(A). CIT(A) is directed to reconsider the matter by assuming that the accumulation is not more than the actual amount received in this year, unless it is proved that the assessee has admitted at any stage of the proceeding with regard to accumulation in excess of the receipts - Decided in favour of assessee for statistical purposes.
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