2001 (10) TMI 751

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rtment against the order of Commissioner (Appeals) relating to assessment year 1990-91. The department has objected the direction of the Commissioner (Appeals) to allow exemption under section 11 ignoring the fact that statutory requirement of furnishing audit report under section 12A along with the return was not complied with. The assessment in this case was completed under section 144 and as pe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eliance on the order of the Assessing Officer. On the other hand, the counsel of the assessee placed reliance on the order of the Commissioner (Appeals). It was further submitted that even on merit this is not a case of addition because of corpus funds received during the year were much less than the expenses incurred during the year. The attention of the Bench was drawn on balance-sheet and profi....