9911796707
TMI Blog2013 (11) TMI 1492X X X X Extracts X X X X X X X X Extracts X X X X ..... tial questions of law:- "A. Whether the Explanation appended to Sub-Section 2 of Section 11 and Clause (d) of Section 11(3) can be given retrospective effect by the authorities under the Income Tax Act even though the legislature brought the said provisions in force only with prospective effect? B. Whether the interpretation which Ld. Income Tax Appellate Tribunal has sought to given to the Explanation appended to Sub Section 2 of Section 11 and Clause (d) of Section 11 (3) is correct and whether the said provisions can be made applicable retrospectively ?" The brief facts of the case are that in the year 1963-64, the assessee-Sansthan was registered as a society. On 09.05.1980, CIT, Lucknow has granted recognition under Section 12A of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not applicable retrospectively. She read out the said provision, which on reproduction, read as under:- "Section 13.(3) Any income referred to in sub-section (2) which - (a) ... (b) ... (c) ... [(d) is credited or paid to any trust or institution registered under Section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of Section 10] shall be deemed to be the income of such person of the previous year in which it is so applied or ceases to be so accumulated or set apart of ceases to remain so invested or deposited or credited or paid or as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (3A) of Section 11, where due to circumstances beyond the control of a trust or institution in receipt of the income, the accumulated income could not be applied for the purpose for which it was accumulated or set apart, transfer or any such accumulated income to other charitable trusts/institutions is not allowed as application of income towards charitable purposes. This provision had created genuine problems for those trusts and institutions. In order to remove the hardship, the Finance Act, 2003, has amended the proviso to sub-section (3A) of Section 11 so as to empower the Assessing Officer to allow donation to another trust or institution as application of accumulated income for charitable purposes in the year in which the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
