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learned counsel for the parties, we are of the opinion that, the matter would deserve a remand to the learned Income Tax Appellate Tribunal. As a matter of fact, the Assessee could have approached the learned Tribunal by way of a Miscellaneous Application if a document like Form No.10 along with the Resolution filed before the learned Tribunal contained all the details and evidence of such accumulation set apart by the Assessee Trust for the purpose of construction of building etc., in terms of the provisions of Section 11 permitted by law. We find from paragraph 6 of the learned Tribunal's order that, though the learned Tribunal has referred to the said Resolution dated 01.09.2008 passed by the Assessee Trust, without finding it to be defective, they have not given any benefit of the same to the Assessee Trust. Whether the said surplus fund has been really spent by the Assessee Trust for such construction or not for charitable purposes of the Trust contained in its Trust Deed or not might be a subsequent fact, which may be relevant for the Tribunal to consider, coupled with the fact that the Assessee Trust has been assessed as such in 'Exempted Category' for the subsequent Assessment Years as stated by the learned counsel for the Assessee.

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Sec. 11 of Income Tax Act, 1961 - Exemption - The appeals of the assessee were admitted on the many substantial questions of law including that as to whether the Appellate Tribunal is correct in law in their action to reject and to sustain the denial of the tax exemption claimed in terms of Section 11 of the Act consequent to the non acceptance of the plea for accumulation of income as per Section 11(2) of the Act read with Form No.10 on presumption of wrong facts establishing perversity in such findings recorded in relation thereto. High Court remanded the matter back to the Tribunal holding that “Tribunal should re-examine the Form No.10 furnished by the Assessee along with the Resolution and additional evidence, which may be produced by the Assessee Trust before the learned Tribunal”. - CNN EDUCATIONAL TRUST V/s ITO - [2020] 428 ITR 312 (MAD)

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