Held that the audited financial statements, statement of income and the return of income for the assessment year\u00a02013-14\u00a0were not filed by the assessee during the proceedings before the authorities but had been filed along with the return of income, meaning thereby, that these documents were already available with the authorities below, but they did not look into them. In the interest of justice and fair play, the matter was to be remanded for fresh adjudication That the balance-sheet of the assessee showed that the capital fund shown by the assessee was utilised in fixed assets, capital work-in-progress and current assets. Such amount represented the application of income and, therefore, was to be excluded while calculating the amount to be invested under the provisions of section\u00a011(2)\u00a0read with section\u00a011(5)\u00a0of the Act. Nevertheless, the assessee had not represented the facts properly\u00a0 the matter is\u00a0 remanded to the Assessing Officer for de novo adjudication as per the provisions of law. (AY.2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Accumulation of income-Application of income-Non-corpus fund shown at figure higher than investment shown-Matter remanded for fresh adjudication. [S. 2(15), 11(2),11(5), 13(1)(d)]<\/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-51283","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dl9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51283","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=51283"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51283\/revisions"}],"predecessor-version":[{"id":51284,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51283\/revisions\/51284"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}