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Income Tax Appellate Tribunal, ‘C’ BENCH, BENGALURU
Before: SHRI A.K. GARODIA & SHRI PAVAN KUMAR GADALE
The assessee has filed the appeal against the order of the CIT(A), Mangalore, passed in dated 13/03/2017 for the assessment year 2012-13.
The assessee raised the grounds of appeal which are as under: Page 2 of 7 1. “The CIT (Appeals) erred in not treating the fixed deposits amounting to Rs.1,04,20,489/- kept as deposit in State Bank of India as accumulation for application of income as provided under Section 11(2) of the Act though the said amounts of fixed deposits were claimed as accumulation for application of income in the return of income filed on 30.09.2012 under Section I39(4A) of the Act.
2. The CIT (Appeals) erred in not appreciating that the notice of accumulation for application of income vide the return of income filed formed sufficient compliance with the provisions of Section 11(2)(a) of the Act.
3. The learned CIT (Appeals) erred in not treating the fixed deposits amounting to Rs.1,04,20,489/- kept as deposit in State Bank of India as accumulation for application of income as provided under the provisions of Section 11(2)(b) read with Section 11(5) of the Act, though the said deposits were from the income of the trust for use of the objects of the trust.
For these and such other grounds that may be urged at the time of hearing, the Appellant prays that the appeal may be allowed.”
The assessee also raised additional ground which is as under:
The CIT(Appeals) erred in not treating the investment made in fixed deposits as application of income for the purposes of section 11(1)(a) of the Act, even though the Memorandum of Trust of the Appellant contained clauses providing for such investment in fixed deposits and also the funds from the same were utilized towards the objects of the Appellant Trust.
In the course of hearing, the learned AR of the assessee withdrew the additional ground and made an endorsement in the grounds of appeal. Accordingly, we dismiss the additional ground of appeal.