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TMI Blog2015 (6) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... ritable in character and as long as the purpose or purposes mentioned in Form 10 are for achieving the objects of the trust, merely because of non-furnishing of the details, as how the said amount is proposed to be spent in future, the assessee cannot be denied the exemption as is admissible under sub-section 2 of Section 11 of the I.T.Act, 1961. - Decided in favour of assesse. - ITA No. 752 of 2009 (IT) - - - Dated:- 13-3-2015 - Vineet Saran And S. Sujatha,JJ. For the Appellant : Sri K V Aravind, Adv. For the Respondents : Sri A Shankar M Lava, Advs. JUDGMENT This is an appeal filed by the Revenue against the order of the Tribunal whereby the benefit of Section 11(2) of the Income Tax Act, 1961 (for short 'the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dical treatment. 4. After holding that though the purpose stated in Form -10 by the assessee may be in terms of some of the 14 objects of the trust deed, the Assessing Officer disallowed the accumulation holding the purpose stated was vague and thus the benefit of Section 11(2) of the Act was denied. Reliance in this regard was placed by the learned Assessing Officer on the decision of the Calcutta High Court rendered in the case of DIRECTOR OF INCOME TAX (EXEMPTION) vs TRUSTEES OF SINGHANIA CHARITABLE TRUST, (1993) 199 ITR 819 (CAL). 5. Challenging the said order, the assessee filed appeal before the Commissioner of Income Tax which was allowed by the order dated 14.2.2008 after holding that in Form -10, the three purposes given were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missible as the purpose for which the trust required that accumulation of income was not specified and clearly mentioned. Hence the matter was remanded back to the Tribunal permitting the assessee to adduce fresh evidence. 9. The said judgment of the Calcutta High Court was considered by the Delhi High Court in the case of COMMISSIONER OF INCOME TAX vs HOTEL RESTAURANT ASSOCIATION, (2003) 261 ITR 190 (Del). The Delhi High Court, while considering the case for grant of benefit u/s 11(2) of the Act, held that specification of certain purpose or purposes is needed for accumulation of income of the trust, and the same cannot be beyond the objects of the trust. It was further held that plurality of purpose for accumulation was not precluded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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