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Shri Gelli Narayana Chetty Trust, Hyderabad Versus Director of Income-Tax (Exemption) , Hyderabad

2015 (10) TMI 1503 - ITAT HYDERABAD

Entitlement to accumulate the unutilised fund - claim exemption under S.11 - Held that:- As gone through the order passed by the CIT(A) in assessee’s own case for assessment year 2002-03, wherein in identical circumstances, the assessee was given the benefit of doubt and concluded that the assessee is entitled to accumulate the unutilised fund, since From 10 alongwith the auditor’s report was furnished alongwith the revised return. Having regard to the circumstances of the case, I deem it fair a .....

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that the accumulation is not more than the actual amount received in this year, unless it is proved that the assessee has admitted at any stage of the proceeding with regard to accumulation in excess of the receipts - Decided in favour of assessee for statistical purposes. - ITA No. 350/Hyd/15 - Dated:- 15-5-2015 - D Manmohan, Vice President,J. For the Appellant : Shori P Murali Mohan Rao For the Respondent : Shri Ramakrishna Bandi ORDER This appeal by the assessee trust is directed against the .....

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rn on 29.12.2004. It appears that the assessee has filed Form No.10 alongwith the revised return of income. 3. The case of the Assessing Officer, on the other hand, was that the assessee trust has not filed Form No.10 with the return of income filed on 19.9.2003, and copy of the Resolution was also not filed with the return of income, and therefore, it cannot be said that the assessee trust has applied 85% of the income towards charitable activities, in order to claim exemption under S.11 of the .....

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975 towards charitable purposes, and the balance was accumulated. 5. It deserves to be noticed that in the immediately preceding year also, the Assessing Officer rejected the claim of exemption on the ground that the assessee did not file auditor s report and Form 10, alongwith the original return of income and when the matter was considered by the first appellate authority, the learned CIT(A) IV observed that the Assessing Officer could not furnish records and in the absence of records, it is d .....

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#8377; 6,70,927 under S.11(2) of the Act, whereas the total income of the assessee stands at ₹ 5,71,586, in which event the accumulation is much more than the income earned, which is not permissible. 6. The learned counsel submitted that it is not known as to wherefrom the figure of ₹ 6,70,927 emerged and noted by the Assessing Officer as well as the CIT(A), particularly when the same was pointed out before the CIT(A); as mentioned in para 5.4 of the CIT(A) s order, the total income .....

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(A) that the accumulation is much more than the income, and hence, it is for the assessee to prove that factually it is not correct. 8. The learned counsel, joining the issue, submitted that pages 9 to 20 of the paper-book represent the papers filed before the CIT(A) and the figure ₹ 6,70,927 does not emerge from these papers, and as an officer of the Court, he submits that the assessee has not furnished such figure and hence, it is not known as to wherefrom the Assessing Officer or CIT(A) .....

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