TaxTMI 
TaxTMI 
2018 (5) TMI 1310
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..... (i) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in confirming disallowance of Rs. 10,21,26,000/- made by the AO (CPC) under section 11(2) of the Act on account of amount accumulated or set apart for specified investments/deposits. (ii) That the said disallowance has been confirmed despite the same has been accumulated in the manner as provided in section 11(5) of the Act read with Rule 17 of the Income Tax Rules. (iii) That the said disallowed has been confirmed despite the amount has been shown in the Form ITR-7. (iii) (i) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in confirming disallowance of Rs. 98,57,10,000/- made....
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....,10,000/- on account of amount accumulated set apart for application to charitable or other purposes to the extent the said income did not exceed 15% of the income under Section 11(1)(a) of the Act. 3. Facts of the case, in brief, are that the assessee is a trust and sole regulatory of the profession of Chartered Accountancy set up under an Act of Parliament in 1949. The assessee has e-filed the return of income on 29.9.2014 declaring nil income after claiming exemption under section 11 of the Act. The assessee is registered under Section 12A of the Act and also notified under section 10 (23 C)(114) of the Act. The return of income was processed under section 143(1) of the Act on 19.3.2016 by the CPC Bangalore, however, the amount accumula....
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....id accumulation was appearing in Form No. 10 B and also in Form No. 10 BB both of which were electronically filed on 26.9.2014. It was stated that in the intimation u/s 143(1) of the Act the total tax liability of Rs. 45,94,12,561/- was determined, against which the TDS deduction of Rs. 4,51,95,563/- instead of Rs. 4,52,54,823/- claimed in the ITR was allowed. The assessee also furnished the written submissions which has been incorporated by the learned CIT(A) in para 3 at page no. 4 to 19 of the assessee's paper book (for the cost of repetition, the same are not reproduced herein). 5. The learned CIT(A) after considering the submissions of the assessee observed that the return of income revealed that the amount of Rs. 10,21,26,000/- had b....
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....fore the authorities below and further submitted that the assessee's books of accounts were duly audited by the independent auditor whose report in Form No. 10 BB was filed electronically. It was contended that the assessee's professional while filing the ITR failed to punch the amount of Rs. 98,57,10,000/- under point no. 1(v) of the ITR 7 but the relevant forms, reports and resolutions etc., such being form no. 10 B, 10 BB wherein the said amount of Rs. 98,57,10,000/- was duly reflected and claimed as such were furnished electronically. It was further submitted that even the amount of Rs. 10,21,26,000/- which was sought to be accumulated under section 11(2) of the Act and whose details were also filed in the ITR was considered as income a....