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2015 (12) TMI 1499 - ITAT HYDERABADDisallowance of the accumulation of income - rejection of Form 10 - Held that:- The assessee is a charitable trust and has been registered under section 12AA of the Act. During the relevant financial year, the assessee has excess of income over expenditure and has sought to set apart the said excess for the purposes of objects of the trust. Though in Form 10, the assessee has not mentioned specific purpose for which the accumulation is being done, we find that during the course of the assessment proceedings, the assessee has stated the specific purpose for which the accumulation is being done. The reason for the Assessing Officer's refusal to accept the subsequent letter of the assessee giving specific purpose of accumulation is that the assessee has not filed the resolution of the society for the specific purpose mentioned in the letter. Thus particularly taking into consideration the assessee's contention that the funds set apart have been utilised for the purpose mentioned by the assessee in its letter filed before the Assessing Officer during the assessment proceedings, I am of the opinion that the assessee is eligible for accumulating the excess of income over the expenditure for the relevant assessment year. - Decided in favour of assessee
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