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2017 (4) TMI 772 - HC - Income TaxBenefit of accumulation under Section 11(2) - Form 10 is filed during the reassessment proceedings - Held that:- The decision of the Delhi High Court in Association of Corporation and Apex Societies of Handlooms (2013 (1) TMI 317 - DELHI HIGH COURT) and Trustees of Tulsidas Gopalji Charitable and Chaleshwar Temple Trust (1993 (9) TMI 75 - BOMBAY High Court ) would apply to the present facts. Therefore, Revenue accepts that even if the Form 10 is filed during the reassessment proceedings, the benefit of accumulation under Section 11(2) of the Act is available. So also, the time allowed in Rule 17 of the Rules for furnishing the form before the expiry of time to file the return of income under Section 139(1) of the Act get extended to include the time within which a return of income could be filed under Section 139(4) of the Act. Therefore, filing of Form 10 during reassessment proceedings is filing of the same within the time allowed for furnishing the return of income under Section 139(4) of the Act. Therefore, the Counsel for the Revenue has not been able to point out any reasons why the aforesaid two decisions should not be applied in the facts of the present case to reject the appeal. Also in in Nagpur Hotel Owners' Association (2000 (12) TMI 99 - SUPREME Court ) observed that for the purposes of excluding an income of the trust from the net of taxation, the intimation in Form 10 has to be filed with the Assessing Officer before he completes the Assessment. In fact, it is the context of the above finding of the Apex Court, that it observed that Form 10 has to be filed before completion of Assessment Proceedings - Decided in favor of assessee
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