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2021 (3) TMI 1035 - HC - Income TaxExemption u/s 11- Power of AO to consider revised Form 10 - accumulation of income - AO did not consider the revised Form 10 as the jurisdiction vests only with the Commissioner of Income Tax and not with the Assessing Office - Tribunal held that revised Form 10 for accumulation of income can be furnished in the course of assessment proceedings before the Assessing Officer and there is no bar prohibiting the appellant from modifying the figure in the application and the Assessing Officer can consider the revised Form 10 and allow the accumulation of income ? - HELD THAT:- As relying on ratio laid down in the Judgment Simla Chandigarh Diocese Society [2009 (8) TMI 103 - PUNJAB AND HARYANA HIGH COURT] it is clear that if Form 10 is filed within the stipulated time and during the course of assessment proceedings before the Assessing Officer, there is no bar prohibiting the assessee from modifying the figure in the application. Only in the case of revised Form 10 being filed after the assessment proceedings, the same cannot be accepted. The said ratio laid down by the Hon'ble Supreme Court supports the case of the assessee. Nagpur Hotel Owners'Association [2000 (12) TMI 99 - SUPREME COURT] It is not in dispute that the assessee filed Form 10 within the stipulated time. Since the Assessing Officer disallowed the claim of application in respect of the depreciation, it filed a revised Form 10 enhancing the claim. The very intention of the assessee is to accumulate the surplus for the subsequent years. As per the ratio laid down in the Judgment reported in [2009 (8) TMI 103 - PUNJAB AND HARYANA HIGH COURT] modified Form 10 may be furnished in the course of assessment proceedings and there is no specific bar prohibiting the assessee from modifying the figure of application.
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