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2023 (6) TMI 172 - ITAT DELHIAddition u/s 11(3) - sale transaction of trust property - assessee claimed capital gain and the duly reflected in the return of income at Column No.4(vi) as a part of accumulation set apart for the year under consideration out of income earned on account of capital gain during the year - HELD THAT:- In the present case, where the impugned addition was made on the basis that the assessee failed to file requisite report as required in Form No.10B.Appeal of the assessee is allowed for statistical purposes. Assessee has himself accepted that mistake was committed while filing statutory return of income by admitting that the same capital gain as income u/s 11(3) when the same is indeed set apart for a specified purpose “Setting up free coaching cum Study Centre for BPL Card Holders and Other admitted in Form 10B, thereby, the amount set apart is not to be treated as income, though, the same was mistakenly admitted as income of the appellant’s trust under Section 11(3) of the Act in the return of income. Assessee has himself accepted that mistake was committed while filing statutory return of income by admitting that the same capital gain as income under Section 11(3) of the Act, when the same is indeed set apart for a specified purpose “Setting up free coaching cum Study Centre for BPL Card Holders and Other admitted in Form 10B, thereby, the amount set apart is not to be treated as income, though, the same was mistakenly admitted as income of the appellant’s trust under Section 11(3) of the Act in the return of income. The learned authorities below ought to have considered and verify the facts as well as the bona fide mistakes - set aside the orders of the authorities below and restore the issue to the file of the AO to verify the grievance of the assessee. If, it is found correct, the issue may be decided in accordance with law.
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