TMI Blog2020 (10) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... e have gone though the order passed by the AO u/s 143(3) of the Act. We have noticed that the said order is cryptic order without any discussion. It was also not shown to us by the assessee that the AO did examine the taxability or otherwise of the surplus shown by the assessee in its income expenditure account. Since the AO has not examined the issue at all in the asst. order, the impugned ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elfare of Milk Federation Employees. It filed return of income for the asst. year 2013-14 declaring income at Nil after availing exemption u/s 11 of the Act. It is pertinent to note that the assesee trust is registered u/s 12A of the Income-tax Act. The AO completed the asst. u/s 143(3) of the Act on 29/2/2016. 3. The ld CIT, upon examination of asst. record, noticed that the assessee has decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cing reliance on the decision rendered by the coordinate bench in the case of Bagalkot Town Development Authority Vs. CIT (2014) Taxmann.com 582 (in ITA No.1151/Bang/2012 dated 22/1/2014), the ld AR submitted that the ld CIT should have directed the AO to afford an opportunity to the assessee to accumulate the income u/s 11(2) of the Act by filing Form No.10 before him before completing the asst. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of mind on the part of the AO and hence the ld CIT has rightly revised the asst. order. 6. We heard the rival contentions and perused the record. We have gone though the order passed by the AO u/s 143(3) of the Act. We have noticed that the said order is cryptic order without any discussion. It was also not shown to us by the assessee that the AO did examine the taxability or otherwise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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