TMI Blog2020 (3) TMI 794X X X X Extracts X X X X X X X X Extracts X X X X ..... permitted by law. We find from paragraph 6 of the learned Tribunal's order that, though the learned Tribunal has referred to the said Resolution dated 01.09.2008 passed by the Assessee Trust, without finding it to be defective, they have not given any benefit of the same to the Assessee Trust. Whether the said surplus fund has been really spent by the Assessee Trust for such construction or not for charitable purposes of the Trust contained in its Trust Deed or not might be a subsequent fact, which may be relevant for the Tribunal to consider, coupled with the fact that the Assessee Trust has been assessed as such in 'Exempted Category' for the subsequent Assessment Years as stated by the learned counsel for the Assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act read with Form No.10 on presumption of wrong facts establishing perversity in such findings recorded in relation thereto? (2) Whether the Appellate Tribunal is correct in not considering the power vested with the First Appellate Authority for entertaining the plea for accumulation of income as per Section 11(2) of the Act read with Form No.10 even after noticing the compliance of defects pointed out in making the said plea in statutorily prescribed Form No.10 filed before the Original Authority? And (3) Whether the Appellate Tribunal was correct in law in rejecting the plea for accumulation of income, which resulted in denial of tax exemption under Section 11 of the Act even though the purpose of accumulation was cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r set apart shall not be included in the total income of the previous year of the person in receipt of the income, provided the following conditions are complied with, namely:--] (a) such person specifies, by notice in writing given to the [Assessing] Officer in the prescribed manner, the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed ten years; (b) the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5)] 7. There is no dispute that it is mandate of Sec.11 of the Act to specify the purpose and period for which accumulation is sought for. The above posit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, in our opinion, the orders of the lower authorities are justified in dismissing the appeal of the assessee. Accordingly, we are inclined to dismiss the appeals for the assessment years 2008-09 and 2009-10. 3. Learned counsel for the Assessee Mr.S.Sridhar however submitted that except for these two assessment years in question ie., A.Y.2008-09 and 2009-10, the Assessee Trust has been assessed by the Department as 'Charitable Trust' under Section 11 of the Income Tax Act. He submitted that the accumulation of surplus funds of ₹ 59,13,658/- was resolved to be spent for the purpose of construction of building and purchase of assets for the usage of the Trust and corrected Form No.10 dated 01.09.2008, along wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und has been really spent by the Assessee Trust for such construction or not for charitable purposes of the Trust contained in its Trust Deed or not might be a subsequent fact, which may be relevant for the Tribunal to consider, coupled with the fact that the Assessee Trust has been assessed as such in 'Exempted Category' for the subsequent Assessment Years as stated by the learned counsel for the Assessee. 6. Therefore, in the light of these facts, the learned Tribunal should re-examine the Form No.10 furnished by the Assessee along with the Resolution and additional evidence, which may be produced by the Assessee Trust before the learned Tribunal. Therefore, we dispose of the present appeals without answering the questions of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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