Assessee, an educational charitable trust, purchased a gold bullion and contended that as per proviso (iia) to section 13(1)(d) it could hold such gold for a period of one year from end of previous year in which same was acquired, thus, there was no violation of section 11(5). Since Tribunal did not dealt with such contention of assessee and passed an order holding such purchase to be in violation of section 11(5), said order was to be set aside and matter was to be remanded. (T C No 890 of 2019 dt. 24-09-2020) (AY. 2010-11)
Sri Venkkaliamman Educational and Charitable Trust .v. DCIT (2020) 122 taxmann.com 81 / (2021) 277 Taxman 257 (Mad) (HC)
S. 254(1) : Appellate Tribunal – Duties- Property held for charitable purposes – Purchase of gold bullion – Tribunal has not dealt with the contention of assessee- Matter remanded to Tribunal[ S. 11,m13 (1)(d) (iia) ]