9911796707
TMI Blog2024 (8) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... tor cannot be relied upon - we note that the audited financial statements, statement of income and the copy of the return of income for the assessment year 2013-14 were not filed by assessee during the proceedings before the authorities below. It is pertinent to note that all these documents, stated above, are filed along with the return of income, meaning thereby, these documents were already available with the authorities below, but the revenue authorities did not look into it - in the interest of justice and fair play, we are inclined to set aside the issue to the file of AO for fresh adjudication in the light of the above stated discussion and as per the provisions of law. Hence, the ground of appeal raised by the assessee is allowed fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have utilized the amount of Rs. 3,13,07,781/- for the purpose of its activities out of the funds accumulated u/s 11(5) of the Act in the financial year 2012-13 corresponding to assessment year 2013-14. However, the AO found that the amount accumulated in the assessment year 2013-14 as per Form 10 stands at Rs. 4 crores against which, the utilization in the year under consideration stands at Rs. 3,13,07,781/- only leaving the unspent accumulated amount of Rs. 86,92,219/- only, which should have been utilized in the year under consideration being the last year for utilization. On question by the AO, the assessee submitted that the actual amount accumulated stands at Rs. 3,13,07,781/- in the financial year 2012-13 corresponding to assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was determined at Rs. 3,13,07,781/- which was actually accumulated and this fact can be verified from audited financial statement for the assessment year 2013-14. The ld. AR further submitted that the assessee has not submitted the audited financial statements before the authorities below and accordingly, prayed for the admissions of the additional documents with the request to set aside the issue to the file of the AO for fresh adjudication as per the provisions of the law. 6. On the other hand, the ld. DR opposed to admit the additional evidence on the reasoning that the assessee was offered sufficient opportunities by the respective authorities below, but it failed to avail the same and, therefore, he should not be given further opportu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the light of the above stated discussion and as per the provisions of law. Hence, the ground of appeal raised by the assessee is allowed for statistical purposes. 8. The next issue raised by the assessee is that the ld. CIT(A) erred in confirming the addition made by the AO for Rs. 19,71,83,527/- under the provisions of sec. 13(1)(d) of the Act. 8.1 The AO during the assessment proceedings found that the assessee has shown non-corpus fund as on 31/03/2018 at Rs. 46,12,84,985/-, whereas the investment shown u/s 11(5) of the Act stands only at Rs. 26,41,01,368/- only. According to the AO, the additional amount of Rs. 19,71,83,527/- being the difference in the amount stated above, has not been invested in the manner as specified u/s 11(5) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
