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2015 (11) TMI 390 - HC - Income TaxDisallowance of benefit of accumulation by the assessee of an amount u/s 11(2) - ITAT allowed calim - Held that:- The required information was furnished through Form No. 10 along with the return and subsequently on March 10, 1997, the assessee submitted another letter to the Assessing Officer intimating the specific purpose for which the said amount was sought to be utilised by indicating that they want to utilise the amount for the objects mentioned in clause 3(a) of the trust deed. In the instant case, the assessee specifically mentioned the purpose for which the accumulated income was sought to be utilised. Learned counsel for the Revenue also fairly submitted that the said intimation is sufficient compliance within the meaning of section 11(2) of the Act. But his opposition is only with regard to the furnishing of the required information on March 10, 1997, as he submits that it ought to have been furnished by September 30, 1996, the last date for filing of the return. It is an admitted fact that the said information was furnished before the completion of the assessment. In view of the ratio laid down by the Supreme Court in Nagpur Hotel Owners' Association (2000 (12) TMI 99 - SUPREME Court) and the acceptance of the date of information by the assessee as March 10, 1997, viz., before the date of completion of assessment by the Tribunal, we do not think that the objection raised by the learned Counsel for the Revenue has any substance. The explanation in the letter dated March 10, 1997, is in sufficient compliance with section 11(2) of the Act. - Decided in favour of assessee.
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