“accumulation of income”

Vile Parle Mahila Sangh, Mumbai-400057 vs. Commissioner of Income Tax (Exemptions), Mumbai-400026

In the result, appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Ms Kavitha Rajagopal, Hon'Blevile Parle Mahila Sangh V. Cit (Exemptions) Mangalayatan, Paranjpe B Scheme Room No. 601, 6Th Floor Road No. 1, Vile Parle (E) Mtnl Te Building, Pedder Road Mumbai - 400057 Dr. Gopal Rao Deshmukh Marg Cumballa Hill, Mumbai – 400026 Pan: Aaatv2407Q (Appellant) (Respondent) Assessee Represented By : Mandar Vaidya Department Represented By : Achal Sharma

have filed the income tax return and audit report in Form 10B on 9th October, 2017, well within due date. Form NO.10 for accumulation of income was inadvertently filed late on 20.10.2018 due to oversight. 2. A condonation application was immediately made on 23/10/2018. The same however could ... assessee in response to two show cause notices, Ld.CIT(E) observed that the assessee has submitted that due to oversight, the accumulation of income in Form No.10 was filed beyond the due date. It was further submitted that this belated application of Form No.10 was condoned by the undersigned vide

Larsen & Tourbo Publice Charitable Trust, Mumbai-400001 vs. Income Tax Officer, Exem, Circle-1, Mumbai-400012

In the result, the appeal filed by the assessee is treated as partly allowed

Bench: Ld Cit(A), Who Rejected The Appeal Of The Assessee. Aggrieved, The Assessee Has Filed This Appeal Before The Tribunal.

note that the exemption of 15% allowed u/s 11(1)(a) of the Act is not a standard deduction allowed. It only allows accumulation of income without any conditions, if there is any shortfall in application of income, i.e., if the application of income falls short ... income. In the instant case, we have seen that there is no shortfall in application of income. Hence the question of allowing accumulation of income to the extent of 15% of income does not arise. 9. The Ld A.R relied upon certain case laws. On a perusal of the same

Ksb Care Charitable Trust, Pune vs. Income Tax Officer (Exem) 1 (4), Mumbai

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhksb Care Charitable Vs. Ito (Exm)- 1(4) Trust Piramal Chambers, C/O Ksb Ltd Lalbaug, Parel, Mumbaipune Road, Mumbai-400012. Pimpri, Pune-411018. Pan/Gir No. : Aabtk4311M Appellant .. Respondent Appellant By : Shri Biren Gabhawala.Ar Respondent By : Shri Vivek Anand Ojha.Dr Date Of Hearing 30.08.2022 Date Of Pronouncement 05.09.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Cit(A)- National Faceless Appeal Centre (Nfac) Delhi Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

observed that the assessee has violated the provisions of Sec. 11(2)(C) r.w.s 13(9) of the Act on the claim of accumulation of income set apart for utilization over a period of five years and denied the claim of exemption and assessed the total income of Rs.1

The Dadabhai Kavasji Tata School Trust, Na

In the result, appeal filed by the assessee is allowed

year under consideration. The assessee further submitted that the mandatory time limit with regard to filing of Form No. 10, which relates to accumulation of income under section 11(2) of the Act, was inserted only w.e.f. 1.4.2016. The said provision is not applicable for the deduction claimed

Archana Foundation, Mumbai vs. Income Tax Officer Exemptions 1(1), Piramal Chambers Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalarchana Foundation More House 28, New India Housing Society North South Road No.11, Jvpd, Juhu, Mumbai-400049. Pan: Aabta0873E ...... Appellant Vs. Ito (Exemption)-1(1), Piramal Chambers, Lalbaug, Mumbai-400012. ..... Respondent Appellant By : Sh. Amit Agrawal Respondent By : Sh. Pramod Nikalje Date Of Hearing : 13/06/2022 Date Of Pronouncement : 05/09/2022 Order Per Gagan Goyal, A.M:

read with rule 17 of the Income-tax Rules, 1962 - Charitable or religious trust - Exemption of income from property held under (Accumulation of income) - Assessment years 2000-01 and 2001-02 - Whether for excluding an income of a charitable trust from net of taxation under section 11, intimation in Form ... read with rule 17 of the Income-tax Rules, 1962 - Charitable or religious trust - Exemption of income from property held under (Accumulation of income) - Assessment year 2014-15 - Assessee a religious trust claimed deduction under section 11(2), amounting to Rs. 6.50 crores - Assessing Officer denied deduction so claimed

Dy Commissioner of Income Tax, Central Circle-5(3), Mumbai-400021 vs. Board of Examination for Seafares Trust, Navi Mumbai

In the result, the appeal filed by the revenue stands dismissed

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No. 1163/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2017-18) Board Of Examination Dcit-Cc – 5(3), For Seafarers Trust R. No. 1906, 19Th Floor, Air बिधम/ Plot 94, Imei House, India Building, Nariman Vs. Sector 19, Nerul, Navi Point, Mumbai-400 021 Mumbai-400 706 स्थायीलेखासं./जीआइआरसं./ Pan No. Aabtb1052C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Chetan M. Kacha, Ld. Dr प्रत्यथीकीओरसे/Respondent By : Shri Karthik Natarajan, Ld. Ar सुनवाईकीतारीख/ : 08.08.2022 Date Of Hearing घोषणाकीतारीख / : 08.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against The Impugned Order Dated 24.12.2021, Passed By Ld. Cit(A)-53, Mumbai For The Quantum Of Assessment Passed U/S 143(3) For Ay 2017-18. The Revenue Has Taken The Following Grounds Of Appeal:-

held that for claiming exemption u/s 11(2); (i) the Trustees should have a specific purpose in mind which will require accumulation of income to be spent over a long period; (ii) such specific purpose for which the accumulation is done is to be decided by the trustees in their

Minim Charitable Foundation, Bandra West vs. Commissioner of Income Tax Appeal, Mumbai

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

Bench: Shri Kuldip Singh & Shri Om Prakash Kantआयकर अपील सं./I.T.A. No. 1840/Mum/2021 ("नधा"रण वष" / Assessment Years : 2016-17

this dispute. It is instructive to understand the meaning and full import of subsection 11(2) in this context. It deals with the accumulation of income in case of certain entities. It is instructive, in this instance, to read what the bare Act has to say of this provision ... strict regulation of the amounts that are accumulated or set apart. •Such trust or institution furnishes Form No. 10 - notice of accumulation of income by charitable trust or institution electronically to assessing officer, on or before the due date for filing the return of income. Mention the purpose for which

Sparc Samudaya Nirman Sahayak, Mumbai vs. CIT (Exemption), Mumbai

In the result, appeal of the assessee is allowed

Bench: Us. But This Falls During The Covid Period & In View Of 2 M/S. Sparc Samudaya Nirman Sahayak

format given by the ld. 6 M/s. Sparc Samudaya Nirman Sahayak AO; details of expenses incurred on objects of the Institution; details of accumulation of income made u/s.11(2) of the Act for 10 years in the format given; details of option exercised in earlier years u/s.11 ... copy of FIRCs are enclosed from pages 68-69 of the paper book. Similarly, we find that the entire details of accumulation of income made u/s.11(2) of the Act together with utilization thereon for each of the years commencing from A.Yrs. 2006-07 to 2015-16 are enclosed

The Nab Workshop for the Blind, Mumbai vs. DCIT(CPC), Banglore, Bangalore

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

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalthe Nab Workshop For Vs. Dcit (Cpc) The Blind, 4Th Floor, Piramal Dr. Annie Besant Road, Chambers, Parel, Worli, Mumbai-400012. Mumbai – 400 030. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaatt3397F Appellant .. Respondent Appellant By : Shri. Gautam Nayak.Ar Respondent By : Shri. Pramod Nikalje.Dr Date Of Hearing 14.06.2022 Date Of Pronouncement 20.06.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeal)-1,Mumbai Passed U/S 143(1) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

intimation u/s 143(1) of the Act. The Ld AR submitted that the assessee has been complying with the guidelines on accumulation of income from the earlier years. The Ld. AR referred to the page 1 of the paper book, where the computation of income disclosing the total income ... Mumbai return of income filed at page 2 to 19 of the paper book in particular, the assessee has disclosed this fact of accumulation of income and the set off at Part- B, T-1 of the return of income- ITR 7 filed. The assessee has disclosed the facts

Axis Bank Foundation, Mumbai vs. CIT (Exemption), Mumbai

In the result, the present appeal is allowed

crores received by the Trust in earlier years and balance amount represent surplus of earlier years falling under the exemption given for accumulation of income for charitable purposes u/s 11(1)(a) of the Act to the extent of 15%. 1.5 It is also submitted that the Trust ... made any accumulation of income u/s 11(2) of the Act or Explanation 2 to section 11(1)(a) of the Act, in earlier years since its incorporation.” (Emphasis Supplied) 13. From above it is clear that it was brought to the notice of Assessing Officer that opening balance