9911796707
TMI Blog2018 (1) TMI 1635X X X X Extracts X X X X X X X X Extracts X X X X ..... submission made by the assessee. Furthermore, it has been submitted that : (a) Whereas the ground of appeal concerned the provisions of section 11(1), the appeal has been disposed by the Hon'ble Tribunal on the mistaken premise that it concerned the provisions of section 11(2). (b) The order of the Hon'ble Tribunal has been passed not with reference to provisions of section 11(1) applicable to assessment year under appeal, but with reference to subsequently amended provisions. 3. We have heard both the counsels and perused the records. We find that this Tribunal in the aforesaid order has passed an elaborate and well reasoned order. The issue in that case was chargeability of income in the hands of the assessee which the assessee has cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel submitted that though this issue was not specifically raised, but the A.O. should have referred the same. In this regard, learned Counsel further submitted that it is the duty of the Assessing Officer to advise the assessee regarding the actual tax payable by the assessee. 4.4 Per contra, learned Departmental Representative submitted that assessee has been altogether submitting that the said income has not accrued to the assessee. For this purpose assessee has proceeded to prepare self-serving documents like addendum to the deed of agreement. She submitted that only after it was clearly established that as per the valid agreement the said income of Rs. 3,55,45,600 has accrued to the assessee, and Revenue was not going to accept th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied by the Assessing Officer. It is noted that there was no request in this regard whatsoever before the assessing officer. This has been rightly noted by the learned CIT(A). 4. Furthermore, the tribunal has referred to the provisions of section 11 and thereafter it had concluded as under: 4.7 A reading of the above provisions of the Act makes it clear that income from trust property will be exempt from tax if 85% thereof is applied for the purpose of the trust. If the application of income falls short of 85% for the reason of non-receipt of income assessee may defer utilization of 85% of the income to another year. For this assessee was required to give notice in writing with the Assessing Officer in the prescribed manner explaining the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the assessee that the tribunal should have recorded that there was such an implied exercise of option by the assessee. Furthermore, we note that the tribunal has properly appreciated the concerned section and the entire facts and circumstances. The tribunal had clearly noted that the assessee has sold the property for Rs. 3,55,45,600/-. The assessee had not offered the same for taxation. When confronted in this regard, the assessee came up with an addendum to the agreement by which the sale was registered. This addendum was an unregistered document and totally self-serving document by way of which the assessee intended to defer the accrual of the income. All along assessee and the Counsel had been pleading that the said income had no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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