9911796707
TMI Blog2008 (4) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 years every year on a regular basis and the assessee was only engaged in creation of assets - Held that:- section 11(2) of the Act providing for carry over up to 75 per cent. is an exception and if it is followed from year to year, then the genuineness of the activities of the trust itself should be examined by the Assessing Officer. Matter remanded back to the Assessing Officer for fresh consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Inspector of Income-tax, it was found that there was no regular course study for Vedas and Upan-ishads and the Inspector noticed substantial reduction in student numbers in the course of time. Two teachers appeared to have been found with some students from Maharashtra. Even though notice for accumulation of income was given, the Assessing Officer doubted whether the respondent/assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount so accumulated is invested in the specified invest-ments qualifying for deduction under section 11(2) of the Act. 2. Learned standing counsel for the Department rightly pointed out that the approach of the Tribunal is technical and the Assessing Officer is jus-tified in going into the question whether the objects of the trust are really accomplished which alone will entitle the assessee for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne the matter with reference to the activities of the assessee for subsequent years, the orders passed for those years and pass fresh orders. In fact, we are of the view that a detailed investigation is required about the activities of the trust and the expenditure it incurred so far to achieve the objects of the trust and diversions, if any made. We therefore set aside the orders of the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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