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TMI Blog2023 (2) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... ort). 2. The ground of appeal raised by the assessee reads as under: "1) That the learned AO as well as CIT(A) has erred in facts as well as in law that there cannot be a double addition in the taxable income of Rs. 300. Since Rs. 630000 which is already deducted by the assessee in its return itself from the total utilization and therefore there is no need for further addition of the said amount. 2) The learned AO as well as CIT(A) has erred in not computing the taxable income Rs. 300. 3) Learned AO as well as CIT(A) has erred in adjusting the refund of Rs. 98032 as claimed in original return. 4) The appellant may please by allowed to add further grounds of the appeal and /or allowed to amend, alter, delete, change and /or raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. He drew our attention to the computation of income showing reduction of this amount of Rs.6.30 lakhs from the utilization made during the year, placed before us at page no.6 as under: 6. The ld.DR on the other hand contended that act of the assessee of reducing this amount from its utilization was not in accordance with law and the same should have been added to his income, and thereafter taxable income if any be computed as per the provisions of law. 7. The ld.counsel for the assessee fairly conceded that as per law, the impugned amount of Rs.6,30,000/- which had been accumulated in the preceding year, but not utilized for charitable purpose in the stipulated period of five years., was to be treated as deemed income of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edited or paid or], as the case may be, of the previous year immediately following the expiry of the period aforesaid]." 11. The Ld.Counsel for the assessee fairly concedes to the position of law in this regard. His only contention is that since the assessee has already considered this amount by reducing the quantum of application of income for charitable purposes of the assessee during the year, the computation be reworked in accordance with law taking note of this fact. Computation of income for the year reflecting this fact was also produced before us. 12. In view of the above therefore we direct the AO to recompute the income of the assessee in accordance with law, taking note of and after verifying the fact claimed by the assessee of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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