2021 (3) TMI 1035

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....has filed the above appeal. 2. The appellant has raised the following Substantial Question of Law for consideration: " Whether on the facts and the circumstances of the case, the Tribunal was right in holding that revised Form 10 for accumulation of income can be furnished in the course of assessment proceedings before the Assessing Officer and there is no bar prohibiting the appellant from modifying the figure in the application and the Assessing Officer can consider the revised Form 10 and allow the accumulation of income ?" 3. The respondent trust was registered under section 12AA vide order dated 07.01.2002 with effect from the Assessment Years 1999-2000 to 2001-2002. The assessee filed Form 10 along with the return of in....

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....ioner of Income Tax (Appeals) have concurrently held that modified Form 10 may be furnished in the course of assessment proceedings and there is no bar prohibiting the appellant from modifying the figure in the application. While arriving at the said conclusion, the Commissioner of Income Tax (Appeals) and the Tribunal followed the ratio laid down by the Punjab and Hariyana High Court in the Judgment reported in 318 ITR 96 [Commissioner of Income Tax v. Simla Chandigarh Diocese Society]. Further, in support of his contentions, the learned counsel relied upon a Judgment of the Hon'ble Supreme Court reported in (2001) 114 Taxman 255(SC) [Commissioner of income Tax v. Nagpur Hotel Owners'Association] wherein the Hon'ble Supre....

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....rity the particulars required, under Rule 17 in Form No.10 of the Act. If during the assessment proceedings the Assessing Officer does not have the necessary information, question of excluding such income from assessment does not arise at all. As a matter of fact, this benefit of excluding this particular part of the income from the net of taxation arises from Section 11 and is subjected to the conditions specified therein. Therefore, it is necessary that the assessing authority must have this information at the time he completes the assessment. In the absence of any such information, it will not be possible for the assessing authority to give the assessee the benefit of such exclusion and once the assessment is so completed, in our opinion....

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....ee with Mr. Verma that it is not necessary to answer the second question on the facts of the case. 8. On a reading of the said Judgment, it is clear that if Form 10 is filed within the stipulated time and during the course of assessment proceedings before the Assessing Officer, there is no bar prohibiting the assessee from modifying the figure in the application. Only in the case of revised Form 10 being filed after the assessment proceedings, the same cannot be accepted. The said ratio laid down by the Hon'ble Supreme Court supports the case of the assessee. 9. It is not in dispute that the assessee filed Form 10 within the stipulated time. Since the Assessing Officer disallowed the claim of application in respect of the deprecia....