TMI Blog2017 (12) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... be considered as having been made within the time prescribed in subsection (1) or subsection (2) of section 139 of the Act. In other words if a return is filed within the time specified under subsection (4) of 139 of the Act and the action contemplated by Explanation to section 11 (1) of the Act exercised in writing along with such a return filed under subsection (4) of section 139, the requirements of Explanation to section 11 (1) would stand satisfied. Appeal filed by the revenue stands dismissed. - ITA No. 1246/Del/2016 - - - Dated:- 22-11-2017 - SHRI R S SYAL, VICE PRESIDENT AND SMT. BEENA A PILLAI, JUDICIAL MEMBER For The Appellant : Shri Atiq Ahmad, Sr.D.R. For The Respondent : Sh. M.A. Gohel, C.A. ORDER PER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure, under the provisions of, section 11 (1) Explanation 2 of Income tax Act, 1961. Assessee filed response on 24/03/14 to the query raised by Ld. AO. He also placed reliance upon various decisions of Hon ble Supreme Court, jurisdictional High Court and Bombay High Court, to substantiate its claim. * CIT vs. Nagpur Hotel owners Association, reported in 247 ITR 201 (SC); * Association of Corporation and Apex Societies of Handlooms vs. ADIT, reported in (2013) 351 ITR 287; * Trustees of Tulsidas Gopalji Charitable and Chaleshwar Temple Trust vs. CIT reported in 207 ITR 368. 2.2. It was contended by assessee that all the relevant information regarding the exercise of option under explanation 2 to section 11 (1) of the Act wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be entitled to accumulation under section 11 (2) of the act. In my view, as has been held by various high courts, this rule of law laid down by the Hon ble Supreme Court will also apply in respect of identical provisions of section 11 (1), explanation also. 3.1. Ld. CIT (A) also dealt with the issue regarding whether the returns filed by assessee could be considered as a return required to be furnished under subsection (1) of section 139 of the Act. He held that though the return was filed beyond the time specified in subsection (1) of section 139 but was within the time prescribed under subsection (4) of section 139. It was held by Ld.CIT(A) that under such circumstances. It has to be considered to be a return filed within the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been filed under subsection (4) is held to be a return filed within the time allowed under subsection (1) of section 139 in the instant case. 6.3. The Ld. AR submitted that under such circumstances option exercised by assessee under Explanation to section 11 (1) of the Act along with belated return filed under subsection (4) of section 139 will have to be held to have been exercised before the expiry of the time allowed under subsection (1) or subsection (2) of section 139 as contemplated by Explanation to section 11 (1) of the Act. 7. We have perused the submissions advanced by both the sides in the light of the decisions relied upon by Ld. AR. 8. On going through the decision of Hon ble Supreme Court in the case of Nagpur ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
