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TMI Blog2019 (12) TMI 862X X X X Extracts X X X X X X X X Extracts X X X X ..... e same may kindly be quashed. 2. That the order passed is illegal, unlawful and opposed to provisions of law. 3. That the Learned Assessing Officer erred and was not justified in disallowing the claim of accumulation u/s 11(2) of Rs. 16,74,668/- and the Learned CIT(A) erred and was not justified in upholding the action of the Learned A.O. 4. That the Learned Assessing Officer erred and was not justified in alternatively allowing exemption u/s 10(23C)(iiiad) of the Act, and the Learned CIT(A) erred and was not justified in upholding the action of the Learned A.O. The appellant craves leave to add, amend, alter, substitute modify any of the above grounds on or before the final hearing. 2. Briefly stated facts are that case of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive. Ld. Counsel submitted that even the assessee is entitled for exemption u/s 10(23C) of the Act. In support of this contention, Ld. Sr. Counsel for the assessee has relied upon the judgement of Hon'ble Delhi High Court rendered in the case of Council of Indian School Certificate Examination Vs. Director General of Income Tax to buttress the contention that the assessee is engaged wholly and exclusively for education purposes. Further, Ld. Counsel submitted that this being the legal issue ought to have been examined by the Ld. CIT(A). 5. Further, Ld. Sr. Counsel submitted that claim is rejected purely on the basis that the assessee has not submitted form No.10 as per rule 17 of the Income Tax Rules, 1962. Ld. Sr. Counsel reiterated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is that merely furnishing the requisite form belatedly should not be the reason for rejection of claim for accumulation of funds. In this regard, the assessee has relied upon the judgement of the Hon'ble Bombay High Court in the case of CIT Vs. Nagpur Hotel Owners Association (supra), wherein the Hon'ble High Court has held as under: 9. It is pertinent to note that as per section 11 of the Act, the assessee is required to exercise option for accumulation of funds in a prescribed format as prescribed under rule 17 of the Income Tax Rules (in short 'the Rules'). The time limit prescribed under the rule 17 for exercising such option is the time limit as prescribed under sub-section 1 of section 139 of the Act for furnishing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l submissions, perused the materials available on record and gone through the orders of the authorities below. The Ld. CIT(A) has decided the issue in para 5.3 as under: "5.3 Upon due consideration of the matter, it is held that besides the fact that no such claim was made in the return of income, exemption u/s 10(23C)(iiiad) is available only to "educational institutions" existing solely for the purpose of education and not for the purpose of profit. The appellant is not an "educational institution". It is only a Regulatory Commission to regulate the operations of private universities in the state of Madhya Pradesh. In view of the above, the grounds of appeal are dismissed." 13. The assessee has placed reliance on the judgement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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