2021 (1) TMI 1351

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....e have heard rival contentions. On careful consideration of the facts and circumstances of the case, perusal of the papers on record, orders of the authorities below as well as case law cited, we hold as follows:- 3. Ground No. 1 is on the issue as to whether 15% accumulation for the purpose of claiming exemption u/s. 11 of the Act, is to be calculated on the net receipt or the gross receipts of the assessee. This issue is no more res-integra. This Bench of the Tribunal in the assessee's own case in ITA No. 927/Kol/2019; Assessment Year 2013-14, order dt. July 13th, 2020, held as follows:- "3. The Hon'ble Supreme Court of India in the case of CIT vs. Programme for Community Organisation reported in [2001] 248 ITR 0001 (S....

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....e assessee as it filed Form No. 10B, as required under the Act. He argued that the Assessing Officer as well as the ld. CIT(A) were wrong in rejecting the claim of the assessee on the ground that the specific expense for which it is set aside, was not mentioned and a general statement was made as the purpose for which accumulation is made u/s. 11(2) of the Act. He relied on the judgment of the Hon'ble Karnataka High Court in the case of CIT vs. Gokula Education Foundation (2017) 394 ITR 236 and submitted that as per the proposition laid down therein, even when the amount is set aside for general purpose, exemption should be granted. 5.2. The ld. D/R, opposed these contentions of the ld. Counsel for the assessee and relied on para 8 o....

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....ending even before the Tribunal. Hence, he submitted that it is not a case where no Form No. 10 whatsoever was filed. 21. In the decision of the apex Court in the case of Nagpur Hotel Owners' Association (supra), the facts were that the assessee did not file Form No. 10 at all, which is not the fact situation in the present case. The facts situation in the present case are that Form No. 10 was already filed and the Revised Form No. 10 filed for sub-head of the purposes falling under the main head of the objects of the Trust, was accepted by the Commissioner (A) in the proceedings of the appeal. If the matter is considered in light of the above referred decision of the High Court of Gujarat in the case of Mayur Foundation (supra....