Held, that the assessment for the assessment years 2008-09 and 2009-10 had been originally completed under section\u00a0143(3). At the time of completion of the original assessment, the assessee had furnished all the details and there was no failure on the part of the assessee to disclose all material facts fully and truly for the purpose of assessment. Even in the reasons recorded for reassessment, there was no allegation by the Assessing Officer that the assessee had failed to disclose all material facts fully and truly. Reassessment order was quashed. Held, that the Assessing Officer was to consider the contribution as corpus donations. Excess application of\u00a0 preceding assessment year can be set off against current year\u2019s receipts. (AY.2008-09 to 2010-11, 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Reassessment not valid-Accumulation of income-Claim that 15 Per Cent. of gross receipts should be allowed to be carried forward and up to 85 Per Cent. of gross receipts required to be applied in a year-Corpus donation-Excess application of preceding assessment year can be set off against current year\u2019s receipts. [S. 11, 148] <\/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-36819","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9zR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36819","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=36819"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36819\/revisions"}],"predecessor-version":[{"id":36820,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36819\/revisions\/36820"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}