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TMI Blog2018 (9) TMI 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... Court of Gujrat Decision: In the case of Assistant Commissioner of Income-tax versus Stock Exchange Ahmedabad. In the instant case the assessee had furnished Form No.10 under rule 17 of the Rules along with the revised return, that is, prior to the completion of the assessment. Referring to the decision of this court in the case of CIT v. Mayur Foundation [2005] 274 ITR 562 (Guj.), it was submitted that this court, in a case where the requirements of rule 17 of the Rules had been complied with at the stage of appeal before the Tribunal, had held that the Tribunal was well within its jurisdiction to entertain a new ground by which the assessee claimed the benefit under section 11(2) of the Act and adjudicate the tax liability of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case the assessee trust has filed Form -10 well before the assessment is completed and hence Form -10 Can not be rejected. Further, the Assessing officer in his Asst. order has rejected the Form -10 stating that it does not specify the purpose for which the surplus income is set apart. However the appellant has filed the Extract of Board resolution along with Form-10 clearly specifying the purpose for which the surplus income is set apart. So Form -10 cannot be treated as erroneous. Further, the appellant trust has accumulated the surplus as specified in Sec 11(2) and the surplus so accumulated is invested in the modes specified in sub section (5) of Sec 11. The Appellant trust has not utilized the surplus for the purposes other tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecified in Sec 11(2) and the surplus so accumulated is invested in the modes specified in sub section (5) of Sec 11. The Appellant trust has not utilized the surplus for the purposes other than charitable or religious purposes. The very intention of the law is that the surplus/income of the trust should not be applied for the purposes other than charitable or religious purposes. And submission of Form -10 is only a procedural matter requiring the trust to notify the Assessing officer regarding the accumulation of surplus. Aggrieved by the aforesaid order, the appellant is moving this appeal before the Hon'ble Income Tax Appellate tribunal Bangalore seeking redressal of the grievances. Appellant hereby request your honour to reject t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect in Form No. 10 as it did not specify the purpose for which surplus income is set apart. The CIT(A) accordingly confirmed the rejection of Form No. 10 and upheld the addition. 4. Though the assessee has filed an appeal before us and filed the written submissions relying upon certain case laws which were dealt with by the CIT(A) but did not appear at the time of hearing. Therefore, we had no other option but to peruse the written submissions filed by the assessee. Along with the written submissions, copy of Form No. 10 was not filed, therefore, I am bound to accept the observations of the CIT(A) made with reference to Form No. 10. In Form No. 10, assessee is required to specify the purpose for which surplus income is set apart. If he fai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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