TMI Blog2011 (1) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act ) against order dated 18.6.2009 passed by the Income Tax Appellate Tribunal, Delhi Bench 'F', New Delhi in ITA No.1410/Del/09, for the assessment year 2006-07, raising following substantial question of law: Whether on the facts and circumstances of the case, the learned ITAT was justified in holding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condition of section 11(2) has not been fulfilled as so observed by the Hon'ble Delhi High Court in the case of Director of Income Tax Vs. Mitsui Co. Environmental report at (2008) 167 Taxman 43. We, therefore, uphold the order of ld. CIT(A) on this issue, which has been decided by the ld. CIT(A) by saying that in Form No.10, the assessee has mentioned that accumulation of the funds has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode. Exemption was disallowed on the ground that the assessee failed to specify the purpose of accumulation. The CIT(A) as well as the Tribunal have clearly held that the purpose stood specified and was statutory purpose for utilizing the amount i.e. development as per Section 28 of PAPM Act. Section 11(2) of the Act to the extent relevant is as under: 11(2) Where eighty five per cent of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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