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2024 (4) TMI 194 - AT - Income TaxDenial of benefit provided u/s 11(2) on the reasoning that the form 10 was not filed along with the return of income - HELDTHAT:- Admittedly, the form 10 was filed by the assessee claiming the exemption u/s 11(2) of the Act after the due date of return filing but before the completion of the assessment. The Hon’ble High Court of Gujarat in the case of ACIT v/s. Stock Exchange Ahmedabad[2012 (10) TMI 706 - GUJARAT HIGH COURT] has held that the assessee is entitled for the benefit of u/s 11 of the Act if the form 10 is filed before the completion of the assessment. Thus we hold that the assessee cannot be denied the benefit of section 11(2), merely on the reasoning that form 10 was filed by the assessee belatedly in the given facts and circumstances. Decided in favour of assessee. Amount accumulated in the earlier year has not been shown as income under the provision of section 11(3) - grievance of the revenue that the assessee has re-accumulated the fund which was to be treated as income under the provision of section 11(3) - HELD THAT:- This finding of the revenue is contrary to the facts available on record. From the above form 10, it is clearly spelt out that the fund was accumulated out of the current year gross receipt. Thus, it can be safely inferred that the accumulated amount in the earlier year has not been reaccumulated in the year under consideration. In view of the above, we set aside the findings of the Ld. CIT(A) and direct the AO to delete the addition made by him. Hence, the ground of appeal of the assessee is hereby allowed.
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