2015 (10) TMI 1503

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....t,1961, and the same was processed under S.143(1) of the Act. Subsequently, the same was reopened by issuing notice under S.148. In response to it, the assessee filed a revised return on 29.12.2004. It appears that the assessee has filed Form No.10 alongwith the revised return of income. 3. The case of the Assessing Officer, on the other hand, was that the assessee trust has not filed Form No.10 with the return of income filed on 19.9.2003, and copy of the Resolution was also not filed with the return of income, and therefore, it cannot be said that the assessee trust has applied 85% of the income towards charitable activities, in order to claim exemption under S.11 of the Act. He accordingly brought to tax a sum of Rs. 4,62,874. 4. Aggri....

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....e stands at Rs. 5,71,586, in which event the accumulation is much more than the income earned, which is not permissible. 6. The learned counsel submitted that it is not known as to wherefrom the figure of Rs. 6,70,927 emerged and noted by the Assessing Officer as well as the CIT(A), particularly when the same was pointed out before the CIT(A); as mentioned in para 5.4 of the CIT(A)'s order, the total income of the assessee as per Income and Expenditure Account is only Rs. 5,71,586.62 and not Rs. 6,70,927. In the absence of any evidence to the contrary, the learned CIT(A) was not justified in taking a diametrically opposite view on the same set of facts for the assessment year 2003-04, having accepted the plea of the assessee for assessment....