2018 (9) TMI 1974

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.... Court of Gujrat Decision: In the case of Assistant Commissioner of Income-tax versus Stock Exchange Ahmedabad. In the instant case the assessee had furnished Form No.10 under rule 17 of the Rules along with the revised return, that is, prior to the completion of the assessment. Referring to the decision of this court in the case of CIT v. Mayur Foundation [2005] 274 ITR 562 (Guj.), it was submitted that this court, in a case where the requirements of rule 17 of the Rules had been complied with at the stage of appeal before the Tribunal, had held that the Tribunal was well within its jurisdiction to entertain a new ground by which the assessee claimed the benefit under section 11(2) of the Act and adjudicate the tax liability of the assesse....

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....t case the assessee trust has filed Form -10 well before the assessment is completed and hence Form -10 Can not be rejected. Further, the Assessing officer in his Asst. order has rejected the Form -10 stating that it does not specify the purpose for which the surplus income is set apart. However the appellant has filed the Extract of Board resolution along with Form-10 clearly specifying the purpose for which the surplus income is set apart. So Form -10 cannot be treated as erroneous. Further, the appellant trust has accumulated the surplus as specified in Sec 11(2) and the surplus so accumulated is invested in the modes specified in sub section (5) of Sec 11. The Appellant trust has not utilized the surplus for the purposes other th....

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....pecified in Sec 11(2) and the surplus so accumulated is invested in the modes specified in sub section (5) of Sec 11. The Appellant trust has not utilized the surplus for the purposes other than charitable or religious purposes. The very intention of the law is that the surplus/income of the trust should not be applied for the purposes other than charitable or religious purposes. And submission of Form -10 is only a procedural matter requiring the trust to notify the Assessing officer regarding the accumulation of surplus. Aggrieved by the aforesaid order, the appellant is moving this appeal before the Hon'ble Income Tax Appellate tribunal Bangalore seeking redressal of the grievances. Appellant hereby request your honour to reject ....