2022 (3) TMI 1194

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.... the assessment year 2015-16 on the grounds inter alia that :- "1.On the facts and under the circumstances of the case and in law, the learned CIT (A) erred in erred in confirming the action of Assessing Officer, of not granting the exemption u/s 11(2) of Rs. 13,20,72,198/-, although all the conditions laid down in section 11(2) were satisfied by the Appellant. 2. On the facts and under the circumstances of the case and in law, the learned CIT (A) erred in erred in confirming the action of Assessing Officer, of concluding that the , the appellant has not exercised the option u/s 11(2) without appreciating the fact that the option u/s 11(2) was exercised by the Appellant within the prescribed time as per the provisions of t....

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....d by the assessee. Feeling aggrieved from the impugned order passed by the Ld. CIT(A), the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the Ld. Authorised Representatives of the parties to the appeal, perused the orders passed by the Ld. Lower Revenue Authorities and documents available on record in the light of the facts and circumstances of the case and law applicable thereto. 5. Undisputedly, the assessee has filed its return of income being a trust registered under section 12A of the Act by claiming deductions under section 11(2) of the Act by complying with the necessary conditions. It is also not in dispute that the assessee has submitted form No.10 for accumulation of Rs. 13,20,....

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....d. A.R. for the assessee that for the year under assessment form No.10 was only required to be filed manually not online and drew our attention to Rule 17 of Income Tax Rules (the Rules), which lays down that statement as required under section 11(2) of the Act in form No.10 shall be furnished before the expiry of time allowed under section 1 of section 39, for furnishing the return of income which rule is to be effective from 1.04.2016, hence the same is not applicable to the year under assessment. Operative part of Rule 17 is extracted for ready perusal as under: "17. (1) The option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 in respect of income of any previous year relev....