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2022 (9) TMI 1558 - ITAT JAIPURAssessment of trust - Addition on the basis of valuation report received from the DVO - CIT(A) directed AO to reduce the valuation made by the DVO by 20% - HELD THAT:- Assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground No. 1 of the assessee is dismissed. Corpus donation - assessee has not produced any evidence to show that 50% of development was the donation received with the specific direction for corpus fund, therefore, the addition is hereby confirmed - HELD THAT:- As the assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground No. 3 of the assessee is dismissed. Addition for surplus for both funds of students - HELD THAT:- As the assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A). In this situation, the Bench has no other alternative except to the confirm the action of the ld. CIT(A). Thus Ground No. 4 of the assessee is dismissed. Addition confirmed as non furnishing complete address of the person from whom corpus donation was claimed to have been received by the appellant - HELD THAT:- As assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A).Thus Ground No. 5 of the assessee is dismissed. Disallowance of capital expenditure on account of Inverter - addition made by the AO in respect of the inverter claimed as application in form of purchase of inverter is also confirmed because the appellant has failed to furnish any documentary evidence to substantiate the claim - HELD THAT:- As assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A). Thus Ground No. 6 of the assessee is dismissed. Exemption u/s 11 and 10(23C) denied - appellant had not submitted Form No. 10 as required u/s 11(2)(a) of the Act before the due date of filing of return of income - HELD THAT:- As appellant was required to apply Rs.1,15,60,989/- whereas the appellant had applied only Rs.1,08,63,975/-. The appellant had not submitted Form No. 10 as required u/s 11(2)(a) of the Act before the due date of filing of return of income. Thus, the accumulation of income was more than 15% of the gross receipts. As the appellant had failed to fulfill the condition laid down u/s 11 (2)(a), hence the action of the AO denying the benefit of Section 11(2) of the appellant is held to be fully justified and in accordance with the provisions of law. Further, the AO has also discussed the objects of the Trust - we agree with the view of the AO that the Trust was not existing solely for education purposes. Therefore, the exemption denied by the AO u/s 10(23c)(iiiad) is also held to be valid and in accordance with the provisions of law. As the assessee trust has not advanced any arguments/submission controverting the order of the ld. CIT(A). Thus Ground Nos. 7,8 &9 of the assessee are dismissed. Assessee appeal dismissed.
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