9911796707
TMI Blog2021 (3) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... but when we go by the original return it clearly set outs that the net gain of ₹ 99,125/- has to be taken into account by the CPC. In the present case, the assessee Trust has accumulated and set apart an amount of ₹ 5,96,00,000/- for financial year ended on 31/03/2016 and furnished the said information to Assessing Officer by filing Form 10 on 29/09/2014 i.e. before the time specified u/s 139(1) of the income Tax Act and invested the said amount into fixed deposits. The assessee has also claimed accumulation u/s 11(2) of ₹ 5,96,00,000/-/in the return of income. Thus, the assessee satisfied all the conditions as specified in section 11(2) and the accumulation should be allowed - the assessee reported the gain on sale of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is a Trust formed via Trust Deed and registered u/s 12A (a) of the Income Tax Act, 1961. For the A.Y. 2014-15 the return of income in Form ITR-7 was filed on 24.09.2014 declaring income of ₹ 48,020/- after claiming exemption u/s 11 of Income Tax Act and Nil tax payable as the assessee had complied with the provisions of section 11 12 of the Income Tax Act, 1961 being a charitable Trust. The assessee also filed Form 10 for accumulation u/s 11(2) of the Income Tax Act, 1961. The return was processed u/s 143(1) vide order dated 28.03.2016 denying the claim of deduction u/s 11(2) of income Tax Act, 1961 and considering the gross receipt instead of capital gain on sale of Birla Sun life as income and assessing the appellant as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tatement of Birla Sun Life Mutual Fund in the name of the assessee wherein redemption of 1,03,206.023 units has been made resulting in receiving of gross sale proceeds of ₹ 2,06,00,000/-. As against this, the purchase cost is ₹ 2,05,00,875/- resulting in net gain of ₹ 99,125/-. The acquisition of investments has not been considered as application of funds at any point of time. The consideration minus the cost is the gain of ₹ 99,125/- which is duly reflected as income of the assessee. The Ld. AR submitted that the CIT(A) has dismissed the claim of the assessee along with the submissions thereby stating that there was change head of income as the assessee has filed rectification application and revised the income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 5,96,00,000/- for financial year ended on 31/03/2016 and furnished the said information to Assessing Officer by filing Form 10 on 29/09/2014 i.e. before the time specified u/s 139(1) of the income Tax Act and invested the said amount into fixed deposits. The assessee has also claimed accumulation u/s 11(2) of ₹ 5,96,00,000/-/in the return of income. Thus, the assessee satisfied all the conditions as specified in section 11(2) and the accumulation should be allowed. Further, the assessee reported the gain on sale of Birla Sun life mutual fund of ₹ 99,125 as income in return of income which should be considered as declared by the assessee instead of ₹ 2,06,00,000/. Therefore, the demand raised of ₹ 2,58,88,130/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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