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2016 (6) TMI 295 - AT - Income TaxEntitlement for benefit u/s 11(2) of the Act of the accumulation of funds - Held that:- Merely because the Resolution is passed after the end of the previous year relevant to the assessment year will not be sufficient to disentitle the assessee-trust of its claim for accumulation of fund u/s 11(2) of the Act as the assessee-trust has demonstrated that it was in-fact in the process of setting up hospital on its 10 acre plot of land at Jogeshwari for which Maharashtra Government has allowed the earmarking of land for hospital project as set-out above for which accumulation of funds u/s 11(2) of the Act was proposed keeping in view preponderance of probabilities and human conduct and also it is well settled proposition of law that when technicalities are pitted against the substantial justice, the course which advances substantial justice is to be preferred The assessee-trust has duly established its claim for eligibility for grant of the benefit of accumulation u/s 11(2) of the Act which cannot due to the reasons cited by the authorities below be denied to the assessee-trust. In our considered view, the assessee-trust is entitled for the benefit of accumulation of funds u/s 11(2) of the Act to the tune of ₹ 1,89,10,525/- as claimed by the assessee-trust. - Decided in favour of assessee
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