TMI Blog2012 (11) TMI 1146X X X X Extracts X X X X X X X X Extracts X X X X ..... n provided under section 10(26AAB) of the Act shall apply to these assessees for the years under consideration on the ground that the said section is retrospective and retroactive in its operation. Since these appeals were decided in favour of the assessees on the legal point, the tribunal did not adjudicate the grounds raised on merits. However, the Hon'ble Andhra Pradesh High Court, vide its order dated 30.3.2011 passed in ITTA No.421/2010 (2011)(337 ITR 299) held that the provisions of sec. 10(26AAB) of the Act inserted by the Finance Act 2008 w.e.f. 01.04.2009 shall have prospective operation and accordingly it was held that the said provisions cannot be applied retrospectively from 01.04.2003. Subsequently, these assessees moved mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not consider the Form No.10 relating to the accumulation of income under section 11(2) of the Act for three reasons:- (a) The assessee has sought permission for accumulation of funds, not for any specific or concrete purpose as contemplated under section 11(2) of the Act. (b) The option to accumulate the income was not exercised within the time prescribed under section 139(1) of the Act. (c) The money so accumulated or set apart was not invested in the forms and modes specified in sec. 11(5) of the Act. The assessing officer has placed reliance on the decision of Hon'ble Supreme Court in the case of CIT Vs. Nagpur Hotel Owners Association (247 ITR 201) to state that the Form No.10 should be filed before the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter, this issue requires fresh examination at the end of the Assessing Officer, as he has considered the purpose of accumulation as stated by these assessees as general in nature by following the Calcutta decision referred (Supra) without noting that there is no parity of facts. 7. The second defect pointed out by the Assessing Officer was with regard to the time limit for filing Form No.10 as per sec. 11(2) of the Act. We notice that the Hon'ble Supreme Court in the case of Nagpur Hotel Owners Association (Supra) has held that the Form No.10 could be filed before the assessing officer completes the assessment. The Hon'ble Gujarat High Court in the case of CIT Vs. Mayur Foundation (2005)(274 ITR 562), held that, where the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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