2020 (1) TMI 1664 - SC - Income Tax

Assessment of trust - exemption u/s 11 - Claim for accumulation of income rejected - Form-10 had not been furnished along with the return but was filed during the course of the assessment proceedings - as decided by HC 2013 (1) TMI 317 - DELHI HIGH COURT while reopening of an assessment cannot be asked for by the assessee on the ground that he had not furnished the Form-10 during the original assessment proceedings this does not mean that when the revenue re-opens the assessment by invoking Section 147 the assessee would be remediless and would be barred from furnishing Form-10 during those assessment proceedings question answered in favour of the assessee - HELD THAT - Learned counsel for the appellant on instructions issued by the Department of Revenue Ministry of Finance vide F. No.390/Misc./116/2017-JC dated 22.08.2019 seeks permission to withdraw this appeal along with pending applications therein due to low tax effect. Permission granted subject to just exceptions. The appeal and pending applications are dismissed as withdrawn leaving question of law open.

Summary

The Supreme Court allowed the appellant to withdraw the appeal and pending applications due to low tax effect, leaving the question of law open. The appeal and applications were dismissed as withdrawn.