9911796707
TMI Blog2024 (11) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... is specifically mentioned that the mandate provided in Accounting Standard -12 ( AS-12 ) has not been kept in mind while ensuring an appropriate treatment of the impugned amount in the accounts. This Accounting Standard deals with treatment of Govt. grants in the books of account. As noticed that the AS-12, in question, as an individual issue was neither before the AO nor was it before the CIT(A). However, it needs to be mentioned that for recognition of an amount as a receipt under this Accounting Standard two conditions are required to be present viz. (a) if the Govt. grant is expected to be realised or its collection is reasonably certain, (b) conditions pertaining to the said Govt. grant have been complied with. As has been mentioned ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1 In this case, there were primarily two issues which were before the Assessing Officer, namely, the issue of delayed filing of Form 10 which was required u/s 11(2) r.w.s. 13(9) of the Act and secondly, the issue of an amount of Rs.3,58,00,000/- which was added as technically being a receipt which had not been offered for tax by the assessee. Needless to say, the amount of Rs.3,58,00,000/- was added and the benefit of carry forward of surplus income was denied since the Form 10 was not filed in time. 2. This matter was carried in appeal before the ld. CIT(A) and there the issue of Rs.3,58,00,000/- was allowed as relief on the ground that the impugned amount was apparently debited internally and shown as advance to Govt. account, while at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth running of the institution. 5. We have carefully considered the rival submissions and also gone through the documents before us. It is seen that in the department s ground of appeal it is specifically mentioned that the mandate provided in Accounting Standard -12 ( AS-12 ) has not been kept in mind while ensuring an appropriate treatment of the impugned amount in the accounts. This Accounting Standard deals with treatment of Govt. grants in the books of account. At this stage, it is noticed that the AS-12, in question, as an individual issue was neither before the Assessing Officer nor was it before the ld. CIT(A). However, it needs to be mentioned that for recognition of an amount as a receipt under this Accounting Standard two conditi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has mentioned as under: I have carefully considered the above grounds and appellant's arguments relating to the condonation of delay in furnishing the Form No.10 as required under section 11(2) r/w section 13(9) and the consequential eligibility to carry forward the amount accumulated or set apart for charitable purposes in India. Having regard to powers of Central Board of Direct Taxes under section, 119(2)(b) and delegated powers in the of condonation of delay vested with Jurisdictional Commissioners of Income Tax as per the CBDT Circulars mentioned above, I refrain from proceeding to deal with the condonation pleaded in the appeal by the appellant and direct the appellant to file an application before the concerned Jurisdictional Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
