2025 (9) TMI 1623

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....l against the Assessment Order, dated 10/12/2018, passed under Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2016-2017. 2. The Assessee has raised following grounds of appeal : "The Appellant prefers the following Grounds of Appeal against the order dated 14.05.2025 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, under section 250 of the Income-tax Act, 1961: 1. On the facts and circumstances of the case and in law the Learned Commissioner of Income Tax (Appeal) has erred in confirming the disallowance u/s. 11(2) of the Income Tax Act, 1961 merely on ground that specific outline for purpose of accumulation was not mentioned in Form 10. 2. On the f....

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.... submitted by assessee which supports the assessee's contention. 7. Under facts and circumstances of the case the Learned Commissioner of Income Tax (Appeal) had passed the order without considering the facts and submissions put before him as also without allowing the appellant sufficient opportunity of being heard. 8. On the basis of facts and circumstances of the case, the Learned Commissioner of Income Tax (Appeals) failed to provide an personal hearing through video conferencing despite same being specifically asked for during the appellate proceedings. 9. Each of the above ground be considered as separate from the other grounds. 10. The appellant craves leave to add, amend, alter or delete the ab....

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....ve perusal the material on record. We find that Form No. 10 filed by the Assessee stated the purpose of accumulation as "for the objects of the trust". However, the said Form 10 was supported by the Board Resolution, dated 20/09/2016, passed by the Board of Direction of the Assessee-Company registered under Section 8 of the Companies Act, 2013. A perusal of the aforesaid Board Resolution shows that the accumulated amount was to be utilized for providing 'scholarship (educational purpose)'. During the course of hearing Ld. Authorized Representative for the Assessee had placed reliance upon the decision of Mumbai Bench of the Tribunal in the case of Bal Jeevan Trust V/s ITO [ITA No. 1872/Mum/2023, dated 12/12/2023] wherein in identical facts ....