9911796707
TMI Blog2024 (11) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 143(3) read with Section 263 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The Revenue has raised following grounds of appeal : "1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in allowing the appeal of the assessee without appreciating the fact that As per Income Tax Rule 17(3) of the option the Form No.9A referred to in sub Rule (1) and the statement in Form No.10 referred to in sub Rule (2) shall be mandatorily furnished electronically either under digital signature or electronic verification code and in the case of the assessee, the Form No.10 is not furnished electronically? 2. Whether on the facts and circumstances of the case and in law, the Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... school in Mumbai for more than 60 years. For the Assessment Year 2016-2017, the Assessee filed return of income on 22/09/2016 declaring income of INR 1.68 Crores after claiming exemption of INR 7.34 Crores under Section 11(2) of the Act in respect of funds accumulated for construction of school building, purchase of school furniture, upgrading school building, and purchase of electrical equipments. It is admitted position that the Assessee filed Form 10, dated 15/09/2016, physically along with the board resolution passed by the Assessee-Trust. Thus, the return of income and Form 10 were filed before 30/09/2016 which was the due date for filing return of income as per Section 139(1) of the Act. The case of the Assessee was selected for regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne manner without making serious efforts to utilize the accumulated funds. 5. Being aggrieved, the Assessee carried the issue before CIT(A). It was contended before CIT(A) that the finding returned by the Assessing Officer that the Assessee funds in routine manner is factually incorrect. The Assessee was running a school with the large campus. The intention of the Assessee was to build a new school building funds aggregating to INR 15 Crores have been utilized by the Assessee in subsequent years towards redevelopment of the school. The amount of INR 7.34 Crores accumulated in Assessment Year 2016-17 were entirely utilized in Financial Year 2021-22. In support, the Assessee furnished year-wise utilization of accumulated funds which was reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within the prescribed time (i.e. before 30/09/2016), Thereafter, physical form was filed on 24/11/2018 before the completion of the original assessment vide order, dated 29/11/2018. The aforesaid assessment order was set aside by the CIT(E) vide order dated 12/03/2021, passed under Section 263 of the Act. Thereafter, when the fresh assessment was framed on the Assessee, vide order dated 30/03/2022, Form 10 was available with the Assessing Officer in, both, physically as well as electronically. It is not the case of the Revenue that there was difference between Form 10 filed by the Appellant physically and electronically. The Revenue has placed nothing on record to controvert the finding returned by the CIT(A) that the funds were not accumu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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