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TMI Blog2013 (1) TMI 542X X X X Extracts X X X X X X X X Extracts X X X X ..... been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 29.1.2010, Annexure A.3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (for brevity, "the Tribunal") in ITA No.914/Chd/2009 for the assessment year 2004-05, claiming following substantial questions of law:- i)Whether in the facts and the circumstances of the case, the learned Income Tax Appellate Tribunal has not committed an error of law in not adjudicating upon the ground in respect of action of Assessing Officer in extending the scope of the order of learned Income Tax Appellate Tribunal dated 18.12.2007? ii) Whether in the facts and the circumstances of the case, learned Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 11(2) of the Act. Aggrieved by the order, the assessee went in appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 8.6.2009, Annexure A.2, the CIT(A) while allowing the appeal partly upheld the order of Assessing Officer and denied the exemption claimed on the ground of non-filing of Form No.10 for accumulation of unspent sums under Section 11(2) of the Act. Still not satisfied with the order, the assessee went in appeal before the Tribunal. The Tribunal vide order dated 20.1.2010, Annexure A.3 upheld the order of CIT(A). Hence the present appeals by the assessee. 4. Learned counsel for the assessee submitted that the assessee had filed Form No.10 for accumulation of profits in terms of Rule 17 of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of any such information, it will not be possible for the assessing authority to give the assessee the benefit of such exclusion and once the assessment is so completed, in our opinion, it would be futile to find fault with the assessing authority for having included such income in the assessable income of the assessee. Therefore, even assuming that there is no valid limitation prescribed under the Act and the Rules even then, in our opinion, it is reasonable to presume that the intimation required under Section 11 has to be furnished before the assessing authority completes the concerned assessment because such requirement is mandatory and without the particulars of this income the assessing authority cannot entertain the claim of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see from modifying the figure of accumulation. Form No.10 could be furnished before the assessing authority completes the concerned assessment." 8. According to the aforesaid pronouncements, it is mandatory under the provisions of the Act and the Rules to give intimation to the assessing authority in Form 10 as required under Rule 17 of the Rules to claim benefit of Section 11 of the Act. This information in Form 10 is required to be furnished at any time before the finalisation of the assessment proceedings. 9. The assessee having failed to furnish Form No.10 before the completion of the assessment, the benefit under the provisions of Section 11 of the Act for accumulation of profits had been rightly denied by the authorities below. More ..... X X X X Extracts X X X X X X X X Extracts X X X X
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