9911796707
TMI Blog2020 (6) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... 196. The Assessee filed its return of income for the assessment year : 2012-13 declaring total income of 'nil'. The gross receipts of the trust during the previous year was a sum of Rs. 4,54,023/-. The Assessee had applied funds for charitable purpose to the tune of Rs. 2,27,026/-. The balance funds available with the Assessee was Rs. 2,25,997/- as per the provisions of sec.11(2) of the IT Act 1961 and the Assessee was entitled as a matter of right to carry forward15% of the balance available fund namely a sum of Rs. 67,957/- for application for charitable purpose in future. With regard to the balance sum of Rs. 1,58,043/- (Rs. 2,25,997 - 67,954), the Assessee can carry forward the same for future application, but the Assessee was obliged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) made with reference to Form-10. In Form-10, assessee is required to specify the purpose for which surplus income is set apart. If he fails to do so, he cannot get the benefit of filing Form-10. Under these circumstances, I find no infirmity in the order of the CIT(A). Similar is the position in other appeal bearing ITA No.2312(Bang)/2018. Therefore, in both the cases, I uphold the order of the CIT(A". 5. In this miscellaneous application, the Asssessee has pointed out that the order of the Tribunal suffers from an error apparent on the face of the record, in as much as in Form-10 filed before the Tribunal, the purpose had been set out clearly in the Board Resolution annexed to Form-10. It was also pointed that the observation of the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 & 5. "4. It is clear from the perusal of the record that the assessee has filed Form-10 before the AO and CIT(A) along with the copy of the Board Resolution of the trustees mentioning the purpose for which accumulation is sought. In the given circumstances, the claim of assessee for accumulation ought to have been accepted by the revenue authorities. Even in the order of assessment the AO has accepted that Form-10 was filed by the assessee and the only grievance was that the purpose for accumulation was not mentioned. When the purpose of accumulation as contained in the Board Resolution annexed along with Form-10 was brought to the notice of the ld. CIT(A), he also overlooked the same and concurred with the findings of the AO. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
