9911796707
TMI Blog2019 (2) TMI 1438X X X X Extracts X X X X X X X X Extracts X X X X ..... 12-A (a) of the Income Tax Act,1961 (in short, 'the Act'). Return of Income was filed by the respondent, claiming exemption in terms of Section 11 of the Act. Along with the return of income, the respondent had enclosed a resolution, dated 22.09.2003, passed by the Board of Trustees, for accumulation of an amount of Rs. 4,10,00,000/-, for the purpose of construction of a building. The assessing authority rejected the claim for accumulation vide order of assessment dated 30.03.2006, solely on the ground that the prescribed Form 10 had not accompanied the return of income. The assessment process was completed, assessing the shortfall to tax and raising a demand. 3. In appeal before the first appellate authority viz., the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act. In the light of the above discussion, the Tribunal was of the considered view that the benefit of accumulation had been rightly allowed by the first appellate authority. 6. In this appeal before us, the following substantial question of law has been raised : "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee is entitled for accumulation and carry forward the surplus amount of Rs. 5.42 crores, when the assessee had not filed Form 10 within the due date prescribed and having not mentioned any such claim u/s.11 (2) anywhere in the return/audit report Form 10B ?" 7. We have heard Mr.J.Narayanaswamy, learned Senior Standing Counsel, for the appellant/revenue; and Mr.R.Vijayaraghava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... available with the assessing authority, the same was liable to be rejected. 12. In the instant case, we find that the Assessing Authority, the CIT (A) and the Tribunal have taken note of the resolution passed by the Board of Trustees dated 22.09.2003, proposing the accumulation of a sum of Rs. 4.10 crores for the purpose of construction of a building. As a fact, the prescribed Form 10 for accumulation has also been filed before the CIT (A). 13. In the above circumstances, we are of the view that the requirement of filing Form 10 at the time of assessment is only directory and if it would suffice if the same were filed at the stage of appeal, so long as all relevant information in support of the claim for accumulation is furnished by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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