2024 (10) TMI 79

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....able at Rs. Nil. The assessee is a Trust that was constituted on 1.4.2010 by the Trust Deed. The appellant trust is managed by the Endowment Department, Govt. of Telangana. During the financial year relevant to A.Y 2020-21, it has earned gross income of Rs.2,24,53,103/-from various sources including Hundi collection. The appellant has spent an amount of Rs.1,43,59,596/- towards meeting the objects of the Temple. The balance amount of Rs.47,25,542/- has been invested in FDs of Nationalized Banks. However, the appellant neither filed Form 10 explaining the purpose of accumulation of income u/s 11(2) of the Act, nor filed any details of investment in FDs before the Assessing Officer. Therefore, the Assessing Officer has passed the order u/s 14....

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....he issue may be set aside to the file of the Assessing Officer and to decide issue after disposal of petition filed by the assessee for condonation of delay. 6. The learned DR, on the other hand, referring to the application filed by the assessee submitted that the appellant itself has admitted income of Rs.47,25,542/- and the Assessing Officer accepted the income returned by the assessee. He further submitted that the appellant has filed Form 10 along with a resolution for the inordinate delay. Further, the petition for condonation of delay is also filed after a gap of more than 4 years. Therefore, there is no reason to give another opportunity to the assessee and the order of the learned CIT (A) should be upheld. 7. I have heard bot....