TMI Blog2010 (1) TMI 794X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's appeal directed against the order of Ld. CIT(A)-XXI New Delhi dated 5.3.2009 for assessment year 2005-06. 2. The grounds raised by the assessee read as under:- 1. That the impugned order of CIT(A) - XXI, New Delhi dated 5.3.2009 is bad in law, wrong, incorrect and illegal on the facts and in the circumstances of the case and legal position. 2. That on the facts and in the circumstances of the case and legal position the Ld CIT(A) - XXI, New Delhi erred in confirming disallowance of application of funds under section 11(1)(a) to the extent of income assessed at Rs.3,62,223/- and other was passed:- i) without invoking circular No.100 dated 24.1.1973, and ii) after ignoring relevant evidence/material regarding r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that it is the case of the assessee that Form No.10 is not applicable in the present case and the case of the assessee is that there was repayment of loans of Rs.4,25,800/- and hence this repayment of loan has to be considered as application of income for the purpose of trust as per Circular No.100 dated 24.1.1973 as reported in 88 (St). 66. It was submitted that this aspect was not decided by Ld CIT(A). Reliance was placed on the judgment of Hon'ble Karnataka High Court rendered in the case of CIT v. Cutchi Memom Union as reported in 155 ITR 51 and also on the judgment of Hon'ble Calcutta High Court rendered in the case of Ramchandra Poddar Charitable Trust as reported in 164 ITR 666. 4. Regarding ground No.3, it was submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is with regard to excess accumulation of income and not for application of income by way of repayment of loans. We feel that ld CIT(A) should have decided this issue in the light of this Board's Circular cited by the assessee after examining necessary evidence as to whether any repayment of loan was made by the assessee in the present year and whether such loan was taken by the assessee to fulfill one of the objects of the trust. We, therefore, feel that this matter should go back to the file of the ld CIT(A) for a fresh decision after examining this aspect of the matter and necessary facts. Ld CIT(A) should also consider various judgments cited by the assessee before us and after providing adequate opportunity of being heard to both sides, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in assessee's own case in assessment year 2003-04 and his decision in that year has become final because the revenue has not filed any appeal in that year. It was submitted by the Ld DR of the revenue that this aspect cannot be readily ascertained as to whether the revenue has filed any appeal or not and hence, we feel that this matter should also go back to the file of the Ld CIT(A) for a fresh decision after verifying as to whether any appeal was filed by the revenue for assessment year 2003-04 because in that year, this aspect of the matter was decided by ld CIT(A) in favour of the assessee. We, therefore, set aside the order of the Ld CIT(A) on this issue also and restore this matter back to his file for a fresh decision after examining ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
