Held that\u00a0 once the assessee had reinvested the sale consideration for acquiring another capital asset, the whole capital gains are exempt under section\u00a011(1A)\u00a0of the Act. The assessee is eligible for exemption. Tribunal also held that\u00a0\u00a0 an appeal being a continuation of original proceedings, the appellate authority had co-terminous and co-extensive powers as the Assessing Officer. Therefore, when the assessee had filed form 10 before the Commissioner (Appeals), he ought to have admitted it to consider accumulation of income under section\u00a011(2)\u00a0of the Act. Accumulation of income under section\u00a011(2)\u00a0of the Act is a beneficial provision allowed to an assessee in case the assessee-trust or institution is not able to apply its income in full during the relevant financial year. Therefore, while considering the beneficial provision, the Commissioner (Appeals) should have considered the issue without going into technicalities or procedural lapses. Followed\u00a0\u00a0 CIT v. Hardeodas agarwalla trust (1992) 198 ITR 511 (Cal)(HC). (AY.2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes–Capital gains-Reinvesting sale consideration for acquiring another capital asset-Exemption allowable-Accumulation of income-Filing Form 10 before Commissioner (Appeals)-Commissioner (Appeals) ought to have considered-Entitled to accumulation of income. [S. 11(1A), 11(2), 143(1), Form No. 10] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27421","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-78h","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27421"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27421\/revisions"}],"predecessor-version":[{"id":27422,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27421\/revisions\/27422"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}