TMI Blog2023 (1) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... t therein, having to be enclosed with the said Form, has not been indicated. In other words, there is nothing in either Section 11(2) of the Act or Rule 17(2) of the Rules that mandates the furnishing of such resolution by the Assessee in order for the statement in Form No.10 to be acted upon by the AO. Consequently, the Revenue cannot insist on a copy of the resolution being furnished. The Court therefore concurs with the view expressed by the ITAT in the impugned order and declines to frame the question in this regard. Whether the declaration filed by the Assessee regarding correctness of its accounts for the purposes of claiming exemption under Section 11 ought not to have been accepted in view of the accounting irregularities pointe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng with Mr. Avinash Kedia, Junior Standing Counsel For the Respondent : Mr. R. V. Easwar, Senior Advocate assisted by Ms. Rubal Bansal, Ms. Ananya Rath and Mr. Asutosh Mohanty, Advocates ORDER 1. These two appeals by the Revenue raise similar questions of law for different assessment years (AYs) involving the same Assessee and are accordingly disposed of by this common order. 2. ITA 48 of 2011 is directed against an order dated 20th May, 2011 passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack (ITAT) in ITA No.99/CTK of 2011 and ITA No.114/CTK of 2011 for the AY 2007-08 and ITA 89 of 2017 is directed against an order dated 9th August, 2017 of the ITAT in ITA No.395/CTK of 2012 for the AY 2008-09. 3. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution passed by the trustees/governing body . that out of the income of the trust/institution/association for the previous year per cent of the income of the trust/institution/association for the said previous year, shall be accumulated or set apart for carrying out the purposes of the trust/association/institution. The statement then gives the details of the amounts so set apart. 7. Mr. Radheshayam Chimanka, learned Senior Standing Counsel for the Revenue submits that inasmuch as a copy of the resolution of the Assessee Trust was not furnished, the above statement regarding amount being accumulated for charitable activities cannot be acted upon. 8. A perusal of Form No.10 reveals that the requirement of the resolution, referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded Section 2(15) clearly states that the following clause shall be substituted with effect from the 1st day of April, 2009. Clearly, therefore, the amendment is prospective. Consequently, the Court declines to frame this question either. 13. On the issue whether the Assessee ought to have resorted to the cash system of accounting and not the accrual basis, it has been pointed out on behalf of the Assessee that it is bound by the guidance note of the Ministry of Shipping and Transport, Government of India and the requirement under the Companies Act as regards maintaining its accounts on accrual basis. Consequently, this Court finds no reason to take a view different from what the ITAT has taken in the matter. 14. It is next sought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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