“accumulation of income”

Charitable TrustsSection 11(2)Section 11(2)359 judgments

The decision most relied on for accumulation of income is Lissie Medical Institutions v. CIT (348 ITR 344), cited in 164 judgments on BharatTax.

Leading authorities on accumulation of income

Lissie Medical Institutions v. CIT

348 ITR 344 · 2012 · High Court

164

citing judgments

The Kerala High Court held that charitable institutions claiming exemption under Section 11 are not entitled to claim depreciation on assets used for charitable purposes, taking a view contrary to most other High Courts.

CIT v. Raj Kumar

318 ITR 462 · 2009 · High Court

119

citing judgments

Genuine trade advances made by a company in the ordinary course of business to a shareholder do not fall within the definition of deemed dividend under Section 2(22)(e) of the Income-tax Act.

CIT v. Nagpur Hotel Owners Association

247 ITR 201 · 2001 · Supreme Court

112

citing judgments

While there is no statutory time limit for filing Form 10 to claim exemption for income accumulation under Section 11(2), it must be furnished before the completion of assessment proceedings for the Assessing Officer to grant the exemption.

CIT v. Rao Bahadur Calavala Cunnan Chetty Charities

135 ITR 485 · 1982 · High Court

citing judgments

The income of a charitable trust, particularly income from property held under trust, for the purpose of claiming exemption under Section 11, must be computed in a normal commercial manner, without strict reference to the computation provisions for different heads of income like Section 14 or Section 24(a). This approach ensures that the income available for application or accumulation is assessed on commercial principles.

CIT v. Programme for Community Organisation

248 ITR 1 · 2001 · Supreme Court

citing judgments

The 15% exemption available to charitable trusts under Section 11(1)(a) is absolute and is not curtailed by the provisions of Section 11(2) regarding accumulation of income. Voluntary contributions received towards the corpus of a trust are excluded from the scope of income for Section 11(1)(a) exemption purposes.

CIT v. Programme for Community Organisation

228 ITR 620 · 1997 · High Court

citing judgments

For charitable or religious trusts, income for exemption under Sections 11 and 12 must be computed on a commercial basis, not head-wise as per Section 14, treating expenditure as a charge against income. The net income, along with non-corpus donations, forms the eligible base for determining the application of funds and the permissible accumulation under Section 11(1)(a).

CIT v. Mayur Foundation

274 ITR 562 · 2005 · High Court

citing judgments

The Gujarat High Court held that Form No. 10, for exercising the option under section 11(2) to accumulate income, can be submitted during assessment proceedings, including before the Income Tax Appellate Tribunal, which is a continuation of assessment proceedings. Such submission constitutes sufficient compliance for claiming exemption under section 11.

ACIT v. A.L.N. Rao Charitable Trust

216 ITR 697 · 1995 · Supreme Court

citing judgments

The exemption for income accumulated under section 11(1)(a) (presently 15%) is absolute, and section 11(2) does not restrict its operation or require such accumulated income to be invested in specified securities. Investment requirements under section 11(2) apply only to accumulation beyond this absolute exemption limit.

Judgments citing accumulation of income

M/S. Samaja Seva Mandali, Bangalore vs. Income-Tax Officer, Exemptions Ward-3Ward-, Bangalore

ITA 33/BANG/2024[2018-19]Status: DisposedITAT Bangalore15 Apr 2024AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2018-19

For Appellant: Sri Shreeshkumar Eshwar Hegde, A.RFor Respondent: Smt. Yamuna C., D.R

Section 11Section 11(1)Section 142(1)Section 143(1)Section 143(2)Section 234ASection 234BSection 250Section 271(1)(c)

assessee. 3.1 The return of income of the assessee was selected for scrutiny assessment to examine the expenditure incurred by the assessee, accumulation of income and investments made in the immovable property. The learned Additional/Joint/Deputy/Assistant Commissioner of Income Tax/lncome Tax Officer of National Faceless Assessment Centre (for short "the learned

The Institute of India Foundrymen, Kolkata vs. ITO, Ward-1(3), Exempt, Kolkata.

In the result, the appeals of the assessee are allowed

ITA 1230/KOL/2023[2017-18]Status: HeardITAT Kolkata12 Apr 2024AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 11Section 12ASection 2(15)

accumulated or set apart in terms of provision of Section 11(5) of the Act. Whereas provisions of 11(1) provides for accumulation of income of the trust to the extent of 15% of the gross receipts in perpetuity. In other words , the institution can retain 15% from the application ... exemption from income-tax then the ceiling of 25 per cent or Rs. 10,000, whichever is higher which was available for accumulation of income of the previous year for the trust to earn exemption from income-tax as laid down by section 11(1)(a) would be rendered redundant

The Institute of Indian Foundrymen., Kolkata vs. ITO, Ward-1(3), Exempt, Kolkata.

In the result, the appeals of the assessee are allowed

ITA 1229/KOL/2023[2016-17]Status: HeardITAT Kolkata12 Apr 2024AY 2016-17

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 11Section 12ASection 2(15)

The Institute of Indian Foundrymen, Kolkata vs. ITO, Ward- 1(3), Exempt, Kolkata.

In the result, the appeals of the assessee are allowed

ITA 1228/KOL/2023[2015-16]Status: HeardITAT Kolkata12 Apr 2024AY 2015-16

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 11Section 12ASection 2(15)

Himachal Pradesh Technical University, Hamirpur vs. CIT(E), Chandigarh

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 115/CHANDI/2020[-]Status: DisposedITAT Chandigarh28 Mar 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Amitoz Singh Kamboj, CAFor Respondent: Shri Rohit Sharma, CIT DR

Section 10

High Court decision in case of Maa Saraswati Educational Trust (2013) 353 ITR 312 wherein their Lordship have held that generating surplus and accumulation of income will not disqualify an institution for the benefits of Section 10(23C)(vi) of the Act. It was held that the surplus ... amounts to an activity of the nature of profit making. In fact, the third proviso to the said clause clearly provides that accumulation of income is permissible subject to the manner prescribed therein provided such accumulation is to be applied "wholly and exclusively to the objects for which

Loyola High School, Kolkata vs. ITO (Exemption), Ward - 1(4), Kolkata

In the result, the appeal of the assessee is allowed

ITA 472/KOL/2022[2016-2017]Status: DisposedITAT Kolkata20 Mar 2024AY 2016-2017

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

Section 249Section 253Section 3Section 5

case of Conference of Religious India-vs.- Ward Exemption 1(3), New Delhi, where identical situation arose and the Tribunal has allowed accumulation of income to the assessee. He placed on record copy of the Tribunal’s order. 16. On due consideration of the above facts and circumstances

The Bombay Catholic Sabha, Mumbai vs. ITO Exemption Ward 2(4), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3793/MUM/2023[2016-17]Status: DisposedITAT Mumbai20 Mar 2024AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.3793/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2016-17) The Bombay Catholic बिधम/ Ito (Exem)-2(4) Sabha Piramal Chamber, Lal Vs. St. Michael’S Church Baug, Parel, Mumbai- Compound, Mahhim (W), 400012. Mumbai-400016. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaatt3348L (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Mandar Vaidya Revenue By: Shri Ashok Kumar Ambastha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 07/03/2024 घोषणा की तारीख /Date Of Pronouncement: 20/03/2024 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Mandar VaidyaFor Respondent: Shri Ashok Kumar Ambastha (Sr. AR)

Section 11Section 11(2)

Income Tax Act, 1961 (hereinafter “the Act”) by filing Form no. 10. According to the AO, the purpose for the accumulation of income as shown in Form no. 10 was “Acquiring, constructing, repairing building premises of sabha, purchase of furniture, fixture, equipment, computer system, educational and medical relief of poor ... accumulation inter-alia as education, medical relief of poor etc., were for general charitable purpose and not specific in nature, he disallowed the accumulation of income u/s 11(2) of the Act to the tune of Rs.38,38,781/-. On appeal, the Ld. CIT(A) confirmed the action

The Institute of Indian Foundrymen, Kolkata vs. ITO, Ward-1(3), Exempt, Kolkata.

In the result, the appeal of the assessee is allowed

ITA 906/KOL/2023[2014-15]Status: DisposedITAT Kolkata18 Mar 2024AY 2014-15

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

Section 11Section 12ASection 2(15)

Shri Ram Sharnam Sabha Regd., Panipat vs. ITO(E), Ambala

In the result, the appeal of the assessee is partly allowed

ITA 7873/DEL/2018[2015-16]Status: DisposedITAT Delhi18 Mar 2024AY 2015-16

Bench: Shri Shamim Yahya & Shri Yogesh Kumar Usa.Yr. : 2015-16 Shri Ram Sharnam Sabha Regd., Ito(E), 588, Model Town, Panipat, Vs. Ambala, Room No. 208, 2Nd Floor, Bc Haryana - 122001 Bazar, Ambala Cantt. (Pan: Aaats4962K) Haryana – 122001 (Appellant) (Respondent)

For Appellant: Shri Shailendra Bajaj, CAFor Respondent: Shri Anuj Garg, Sr. DR

Section 11Section 11(2)Section 12ASection 142(1)Section 143(3)

erred both in facts and in law while confirming the alternate ground rejected by the Assessing officer, for not allowing accumulation of income of Rs. 53,89,039/- u/s. 11(2) of the Act since Form 10 was not filed within the time prescribed under the Act but during ... assessment proceedings. 4. That the Ld. CIT(A) has erred both in facts and in law by not accepting Form 10 for accumulation of income under section 11(2) filed during the course of assessment proceedings. 5. That the Ld. CIT(A) has erred both in facts

Santhome Charitable Society, Chennai vs. The ITO Exemptions, Ward-3, Chennai

In the result, the appeal filed by the assessee is dismissed

ITA 613/CHNY/2023[2016-17]Status: DisposedITAT Chennai21 Feb 2024AY 2016-17

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. No.613/Chny/2023 िनधा"रण वष"/Assessment Year: 2016-17 Santhome Charitable Society, Vs. The Income Tax Officer, Kalaivanar Nagar, Athipet, Ambattur, Exemptions Ward-3, Tamil Nadu 600 058. Chennai. [Pan:Aabts1184L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri G. Baskar, Advocate & Shri P.M. Kathir, Advocate ""थ" की ओर से/Respondent By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 01.02.2024 घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, Dated 17.03.2023 Relevant To The Assessment Year 2016-17. 2. Brief Facts Of The Case Are That The Assessee Society Is Registered Under Section 12Aa Of The Income Tax Act, 1961 [“Act” In Short] & Filed Its Return Of Income For The Assessment Year 2016-17 On 2

For Appellant: Shri G. Baskar, Advocate &For Respondent: Shri AR V Sreenivasan, Addl. CIT

Section 11(1)(a)Section 11(2)Section 11(3)Section 12ASection 142(1)Section 143(2)Section 143(3)

Form No. 10 electronically before the due date of filing the return of income. Since, the assessee has not filed Form 10 towards accumulation of income as per the provisions of the Act, the Assessing Officer completed the assessment by denying the claim of accumulation under section ... erred in upholding the order of assessment regarding the disallowance on accumulation of ₹.26,89,215/-. 3. There being no accumulation of income for being not used within the five years, the CIT(A) ought to have allowed the same. 4. The CIT(A) has grossly erred in upholding

Shri Modh Patni Ghanchi Gnati Punch Trust, Surat vs. Income Tax Officer, Ward-2(3)(6), Surat

In the result, appeal filed by the assessee is allowed for statistical purposes in above terms

ITA 88/SRT/2023[2016-17]Status: DisposedITAT Surat22 Dec 2023AY 2016-17

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.88/Srt/2023 Assessment Year: (2016-17) (Physical Court Hearing) Shri Modh Patni Ghanchi Gnati Income Tax Officer, Punch Trust, Vs. Ward-2(3)(6), Bahulbaug, Prichhadi Road, Surat Haripura, Surat-395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabts 2898 D (अपीलाथ"/Assessee) (""थ" /Respondent)

Section 11(1)(a)Section 154

income of assessee at Rs.16,21,600/- by disallowing sum of Rs.15,44,820/- claimed as application of income & Rs.76,775/- claimed as accumulation of income u/s 11(1)(a) of the I.T. Act, 1961 on the ground that audit report in Form 10B was not filed. ITA No.88/SRT/2023/AY.16-17 Shri ... that the CPC / Assessing Officer has disallowed the claim of assessee in respect of application of income of Rs.15,44,820/- and accumulation of income u/s 11(1)(a) of the Act, to the tune of Rs.76,775/-. The CPC / Assessing Officer while making rectification order

Mahavir Education Trust, Surat vs. Additional CIT CPC/ Jurisdictional A.O. Exemption Ward, Surat, Bengaluru/Surat

In the result, appeal of assessee is allowed

ITA 647/SRT/2023[2020-21]Status: DisposedITAT Surat21 Dec 2023AY 2020-21

Bench: Shri Pawan Singh(Physical Hearing) Mahavir Educational Trust, Addl.C.I.T., 6/1020, Opp. Jay Jalaram Khaman, C.P.C. Bangalore, Vs. Balaji Road, Nani Chhipwad, Gopipura, Surat-395001. (Gujarat) Jurisdictional A.O. Pan No. Aaatn 4014 C Exemption Ward, Surat. Appellant/ Assessee Respondent/ Revenue

Section 11Section 119(2)(b)Section 12ASection 254(1)

erred in confirming the action of ADIT(CPC) in making huge addition by disallowing the amount claimed as application of income and accumulation of income although audit report in Form 10B was uploaded on portal and the delay in filing of audit report was condoned ... registration under Section 12AA/12AB of the Act. While filing return of income, the assessee could not upload Form 10B for claiming benefit of accumulation of income. The assessee filed application for condonation of delay before ld. CIT(Exemptions), Ahmedabad on 09/02/2022. The application for condonation of delay was allowed

Sundeep Foundation, Mumbai vs. Income-Tax Officer, Exemption Ward 2(2), Mumbai

In the result, appeal filed by the assessee is partly allowed as per above direction

ITA 3156/MUM/2023[2016-17]Status: DisposedITAT Mumbai20 Dec 2023AY 2016-17

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blesundeep Foundation V. Income Tax Officer B-606, Sambhavnath Tower Exemption Ward - 2(2) Sudha Park, Shanti Path Piramal Chamber, Lal Baug Ghatkopar (E), Mumbai- 400077 Parel, Mumbai- 400012 Pan: Aaats8213P (Appellant) (Respondent)

Section 10Section 11Section 11(6)Section 12ASection 143(2)

income, if the asset was acquired by way of application of income. In the present case, it is seen that the appellant claimed accumulation of income up to 15% of its income year-to-year basis and the same accumulated income was invested in the acquisition of assets. For example

Sha Kalidas Pragji Charitable Trust, Mumbai vs. ITO Exem. Ward 2(3), Mumbai

In the result, the appeal filed by the assessee is dismissed

ITA 3032/MUM/2023[2016-17]Status: DisposedITAT Mumbai14 Dec 2023AY 2016-17

Bench: Justice C.V. Bhadang (Rtd.) () & Shri B.R. Baskaran (Am)

Section 11(2)Section 11(2)(c)Section 12ASection 139(1)

assessment year 2016-17. 2. The assessee is aggrieved by the decision of Ld CIT(A) in rejecting the claim for deduction of accumulation of income u/s 11(2) of the Act. 3. The facts relating to the issue are set out in brief. The assessee is a charitable trust ... date was extended to 17th October, 2016. 4. During the year under consideration, the assessee has claimed deduction of Rs.13,35,258/- as accumulation of income u/s 11(2) of the Act. The intimation about accumulation of income in the prescribed Form no.10 was also required to be filed

Nrusinh Saraswati Yog Chintan Math Trust, Thane vs. ITO, Exemption Ward, Thane

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 2658/MUM/2023[2016-17]Status: FixedITAT Mumbai12 Dec 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.2658/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2016-17) Shri Nrusinh Saraswati Yog बिधम/ Ito, Exemption Ward, Chintan Math Trust Thane Vs. 16, Narayan Niwas, Opp, Quereshi Mansion, Railway Station, Thane Gokhale Road, Naupada, East, Maharashtra-400603. Near Teen Hath Naka, Thane West-400602. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aagts6735E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Ramkrishna Lingsur Revenue By: Shri S. N. Kabra (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 30/11/2023 घोषणा की तारीख /Date Of Pronouncement: 12/12/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Trust Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/(Nfac), Delhi Dated 05.06.2023 For The Assessment Year 2016-17. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of The Ao Denying The Accumulation U/S 11(2) Of The Income Tax Act, 1961 (Hereinafter “The Act”) To The Tune Of Rs.10,50,000/- Despite The Fact That The Application For Condonation Of Delay In Filing Form 10 Was Pending Before Ld. Cit(E), Pune.

For Appellant: Shri Ramkrishna LingsurFor Respondent: Shri S. N. Kabra (Sr. AR)

Section 11(2)Section 12ASection 139Section 139(1)

income on 15.09.2016 2 A.Y. 2016-17 Shri Nrusinh Saraswati Yog Chintan Math Trust declaring total income at Rs.2,16,310/-; and claimed accumulation of income u/s 11(2) of the Act to the tune of Rs.10,50,000/-, which was denied by AO for the reason that assessee didn ... technical glitches. However, as noted supra, since AO didn’t had power to condone the delay, he disallowed the claim for accumulation of income u/s 11(2) of the Act by order dated 25.12.2018. Meanwhile, assessee taking note of the CBDT Circular No.7/2018 delegating the power

Baljeevan Trust, Mumbai vs. Income Tax Officer (Exem. Ward 1(1), Mumbai

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1872/MUM/2023[2016-2017]Status: DisposedITAT Mumbai12 Dec 2023AY 2016-2017

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1872/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2016-17) Bal Jeevan Trust बिधम/ Ito (E), Ward-1(1) A/14, Sterling Apartments, Piramal Chamber, Lal Vs. Peddar Road, Mumbai- Baug, Parel, Mumbai- 400026. 400012. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaatb2973M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri J. D. Mistri Revenue By: Shri S. N. Kabra (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 29/11/2023 घोषणा की तारीख /Date Of Pronouncement: 12/12/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Trust Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/(Nfac), Delhi Dated 15.03.2023 For The Assessment Year 2016-17. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) In Not Allowing The Accumulation Of Rs.30 Lakhs As Per Section 11(2) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Read With Rule 17 Of The Income Tax Rules, 1962 (Hereinafter “The Rules”).

For Appellant: Shri J. D. MistriFor Respondent: Shri S. N. Kabra (Sr. AR)

Section 11Section 11(1)(a)Section 11(2)Section 12A

gross receipt (Rs.30 Lakhs) u/s 11(2) of the Act by filing Form 10. According to the AO, the purpose for the accumulation of income as shown in Form-10 was “Basic Education, Health Care and Nutrition to Underprivileged children”, which is not for a specific purpose and instead ... under: - A. “A. Whether, on the facts and circumstances of the case, the Tribunal is justified in holding that the accumulation of income by the assessed under Section 11(2) of the 5 A.Y. 2016-17 Bal Jeevan Trust Income-tax Act, 1961 (hereinafter referred

Jay Kishore Choubey, Rairangpur vs. ACIT, Circle-1, Asansol

In the result, appeal of the assessee stands allowed

ITA 2/CTK/2023[2010-11]Status: DisposedITAT Cuttack29 Nov 2023AY 2010-11

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalassessment Year : 2010-2011 2011 Jay Jay Kishore Kishore Choubey, Choubey, Vs. Acit, Circle Acit, Circle-1, Asansol. Rairangpur Bazar, Rairangpur, Rairangpur Bazar, Rairangpur, Mayurbhanj. Pan/Gir No. Pan/Gir No.Acmpc 1759 N (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty P.R.Mohanty, Adv Revenue By : Shri Charan Das, Sr. Das, Sr. Dr Date Of Hearing : 29/11 11/2023 Date Of Pronouncement : 29/11 /11/2023 O R D E R Per Bench

For Appellant: Shri P.R.MohantyFor Respondent: Shri Charan Das, Sr

Section 147Section 148

additions based on the above reasons had been made in the assessment proceedings. The additions made are on the following reasons:- 1. Accumulation of Income under section 11(2) Rs. 1,11,000 2. Income from House Property under section 24(a) Rs. 1,48,031 3. Depreciation under section

Pranav Trust, Durg vs. Income Tax Officer, Ward 2(2), Bhilai, Durg

In the result, appeal of the assessee is allowed in terms of the aforesaid observations

ITA 177/RPR/2023[2017-18]Status: DisposedITAT Raipur21 Nov 2023AY 2017-18

Bench: Shri Ravish Soodआयकर अपील सं. / Ita No. 177/Rpr/2023 "नधा"रण वष" / Assessment Year : 2017-18 Pranav Trust Baniya Para, Durg-491 001 (C.G.)-491 001 Pan : Aabtp9694C .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-2(2), Bhilai (C.G.) ……""यथ" / Respondent

For Appellant: Shri Rahul Jain, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR

Section 143(1)Section 161(1)Section 164Section 164(1)

wide powers given to the trustees not to distribute the income. The provisions of the trust deed gave discretion to the trustees to accumulation of income within 18 years of age of the beneficiary or thereafter. The trustees were also given further powers in their absolute discretion to investment

DCIT Circle-1(1) Exemption, New Delhi vs. India International Centre, New Delhi

In the result, both the appeals of the revenue are dismissed

ITA 1872/DEL/2020[2017-18]Status: DisposedITAT Delhi16 Nov 2023AY 2017-18

Bench: Shri M. Balaganesh & Shri Anubhav Sharma

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Ms. Meenakshi Dohare, Sr. DR

Section 10Section 143(3)Section 2(15)Section 263

were not accepted by the revenue. With regard to the issue of assessee claiming refund and giving details regarding the accumulation of income and amount deemed to be income u/s 11(3) from Asst Years 2004-05 to 2018-19, the Id. PCIT simply brushed aside the same by stating

DCIT Circle-1(1) Exemption, New Delhi vs. India International Centre, New Delhi

In the result, both the appeals of the revenue are dismissed

ITA 1871/DEL/2020[2016-17]Status: DisposedITAT Delhi16 Nov 2023AY 2016-17

Bench: Shri M. Balaganesh & Shri Anubhav Sharma

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Ms. Meenakshi Dohare, Sr. DR

Section 10Section 143(3)Section 2(15)Section 263