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TMI Blog2022 (1) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... ht forward balances of previous years and for Assessment Year 2015-16. The assessee has shown the utilization. The above evidences clearly demonstrates the utilization of fund set apart in the year under consideration. Considering the totality of the facts, we do not find any reason to interfere with the findings of the CIT(A) filed by the Revenue is dismissed. - ITA No. 2437/Del/2018 - - - Dated:- 19-1-2022 - N.K. Billaiya, Member (A) And C.N. Prasad, Member (J) For the Appellant : Mrinal Kumar Dass, Sr. DR For the Respondents : Rohit Jain, Adv. and Somya Jain, CA ORDER Per N.K. Billaiya, AM This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals], Faridabad dated 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fact that only expenses amounting to ₹ 43,183 debited in the Income and Expenditure account against income are on account of Audit fee, donation filing fee and travelling conveyance and no expenses incurred towards the attainment of the objects of the assessee company i.e. educational activities. 3. Briefly stated the facts of the case are that the assessee is a non-profit Section 25 Company established with the sole object of imparting education. The assessee is also registered u/s. 12AA of the Act. The return for the year under consideration was filed on 26/8/2015 declaring 'NIL' income after claiming exemption u/s. 11/12 and after claiming accumulation of ₹ 1,55,18,168 u/s. 11(2) of the Act. 4. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. We find that the only dispute raised by the A.O. is that the assessee has not specified the purposes for which the surplus accumulated would be utilized. 10. A perusal of the Resolution exhibited at Page 33 of the paper book clearly shows that the assessee has set apart ₹ 1,55,18,168/- to be utilized on or before 31/3/2020 for the education purpose towards purchase of land construction of building/other fixed assets. A perusal of the statement of accounts as on 31/3/2017 which are exhibited at Pages 57 to 59 of the paper book, we find that under the statement of utilization of income for the Financial Year 2016-17 at Item E, the assessee has specifically mentioned the total amount has been spent during the previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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