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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 ..... by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals], Faridabad dated 24.01.2018 for Assessment Year 2016-17. 2. The grievance of the Revenue read as under:- i. "Whether on the facts and circumstances of the case, the Ld. CIT(A) has erred in law in holding that the amount of Rs. 2,07,69,430/- set apart as per Form 10 is for the Charitable purposes whereas t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown in the Income & Expenditure Account is from Interest earned from FDRs and not from the basic functions of the educational activities for which the company has established i.e. from fee received from students. iv. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) is right in law in allowing the accumulation under section 11(2) in form No. 10 and in ignoring the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 770/- in the income and expenditure account and claimed expenditure of Rs. 43,183 resulting in surplus of Rs. 2,07,65,587/-. Out of this surplus, the assessee accumulated Rs. 1,55,18,168/- u/s. 11(2) of the Act. 5. During the course of the scrutiny assessment proceedings and on going through Form 10, the A.O. formed a belief that the assessee has not given the purpose of accumulation of income. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a thoughtful consideration to the rival contentions. There is no dispute that the assessee is a charitable entity and carrying out the educational activities and is eligible for exemption u/s. 11/12 of 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 ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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