2022 (5) TMI 1452

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.... PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee challenging the impugned order dated 11th March 2021, passed under section 263 of the Income Tax Act, 1961 ("the Act") by the Learned Commissioner of Income Tax, Mumbai ("learned CIT"), for the assessment year 2016-17. 2. In this appeal, the assessee has raised following grounds:- "The following grounds are inde....

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....ubmitted to Learned AO vide submission dated 25th August, 2018 and reiterated by the appellant by intimating the Learned CIT (Exemption) vide letter dated 10th March 2021 as well, whose contents also goes undisputed by him. (b) The learned CIT(Exemptions) has further not disputed the purpose of accumulation u/s 11(2) as is specifically elucidated in the Form of submission dated 10th March 2021 c....

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....n), Mumbai, failed to appreciate that as per section 11(2) of the Act, the responsibility of the Learned Assessing Officer is to merely ascertain as to whether the amount is set aside for various projects or not. There is no provision under the Act to verify the project-wise utilization of funds in the subsequent year as per section 11(2) of the Act and hence the Learned Commissioner of Income Tax....

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....ember 2018, passed under section 143(3) of the Act after examining the expenditure incurred by the assessee for the object of the trust accepted the total income of the assessee at Rs.Nil. 5. Vide notice dated 4th March 2021, the assessee was asked to show cause as to why the assessment order dated 5th December 2018, be not set aside under section 263 of the Act. The said notice was duly responde....