9911796707
TMI Blog2024 (10) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for the benefit of general public at large and no part of the income has been used or given for the benefit of any Trustees or Executive Committee Members. As admitted fact that the assessee itself has declared surplus income and has not paid any tax which is evident from ITR Form filed for the impugned A.Y. The appellant argues that by mistaken of law and also in absence of necessary staff who can do the relevant work, the appellant could not exercise the option u/s 11(2) and filed Form 10 along with return of income. We find that the appellant has filed Form 10 on 17.06.2024 along with resolution dated 1/8/2019. The appellant has also filed petition for condonation of delay on 27.06.2024 before the concerned authority and the said appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l year relevant to A.Y 2020-21, it has earned gross income of Rs.2,24,53,103/-from various sources including Hundi collection. The appellant has spent an amount of Rs.1,43,59,596/- towards meeting the objects of the Temple. The balance amount of Rs.47,25,542/- has been invested in FDs of Nationalized Banks. However, the appellant neither filed Form 10 explaining the purpose of accumulation of income u/s 11(2) of the Act, nor filed any details of investment in FDs before the Assessing Officer. Therefore, the Assessing Officer has passed the order u/s 143(3) of the I.T. Act, 1961 on 5.9.202 and determined the total income at Rs.47,25,541/-. 3. Being aggrieved by the assessment order, the assessee preferred an appeal before the learned CIT (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring to the application filed by the assessee submitted that the appellant itself has admitted income of Rs.47,25,542/- and the Assessing Officer accepted the income returned by the assessee. He further submitted that the appellant has filed Form 10 along with a resolution for the inordinate delay. Further, the petition for condonation of delay is also filed after a gap of more than 4 years. Therefore, there is no reason to give another opportunity to the assessee and the order of the learned CIT (A) should be upheld. 7. I have heard both the parties, perused the material available on record and gone through the orders of the authorities below. The appellant is a Trust managed by Endowment Department, State Govt. of Telangana. The appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
