Assessee is\u00a0 a charitable trust registered under section 12A.\u00a0 Assessee had accumulated an amount of Rs. 4 crore during year 2012-13 for purpose of building funds. The\u00a0 assessee did not have surplus money to set apart or accumulate under section 11(2).Thereafter, assessee filed revised Form 10.\u00a0 Assessing Officer\u00a0 made additions in income of assessee on ground that income accumulated under section 11(2) did not satisfy conditions laid out under section 11(3). On appeal the CIT(A)\u00a0 deleted the disallowance. On appeal the Tribunal held that the assessee has\u00a0 submitted that funds accumulated in financial year 2012-13 for redevelopment work could not be utilised in year under consideration as it operated very close to Mumbai Airport and for any extension\/redevelopment work it had to take NOC from Airport Authority of India and because of said reason redevelopment work of its school building was delayed. Furthermore assessee had filed an application under section 11(3A) in this regard. Since assessee\u2019s application filed under section 11(3A) was pending consideration before Assessing Officer, section 11(3)(c) would not apply to instant case.\u00a0 The Tribunal affirmed the order of the CIT(A). Assessing Officer\u00a0 also rejected assessee’s claim of accumulation of funds under section 11(2) on ground that period of accumulation was stated to be ending on 31-3-2018 and, thus, assessee did not have income which it intended to accumulate or set aside under section 11(2). Amount was decided to be accumulated for carrying out purposes of trust vide resolution dated 29-3-2018 and in order to rectify said mistake revised form 10 was filed by assessee stating period of accumulation to be till 31-3-2023. Further, mode of investment was also as per section 11(5) as amount was deposited in scheduled banks or co-operative societies as per section 11(5)(iii). CIT (A) deleted the disallowance. On appeal the Tribunal held\u00a0 that since assessee\u2019s claim was under section 11(2) and not under section 11(1)(a), revised Form No. 10, which stated period of accumulation till 31-3-2023, should be considered for determining accumulated funds available with assessee under section 11(2).Order of CIT(A) deleting the addition is affirmed. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Accumulation of income-Accumulated certain amount for purpose of building funds-Re development work-Delay in redevelopment-NOC from Airport Authority-Application filed under section 11(3A) was pending consideration before Assessing Officer-Section 11(3)(c) is not applicable-Period of accumulation was ending on 31-3-2018 vide resolution dated 29-3-2018 and in order to rectify said mistake revised Form 10 was filed by assessee stating period of accumulation to be till 31-3-2023-Claim was under section 11(2) and not under section 11(1)(a), revised Form 10 should be considered for determining accumulated funds available with assessee under section 11(2). [S.11(2), 11(3A), 11(5), 12A, 13(3)(c), 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-51116","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dis","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51116","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=51116"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51116\/revisions"}],"predecessor-version":[{"id":51117,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51116\/revisions\/51117"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}