Form No.10 for income accumulation can be submitted by a trust either on assessment or re-assessment

PrintPDF

HIGH COURT OF DELHI

Association of Corporation & Apex Societies of Handlooms

v.

Assistant Director of Income-tax

IT APPEAL NOS. 523 TO 526 OF 2012

CM NOS. 15411, 15423 & 15434 OF 2012

JANUARY 10, 2013

 

One has to keep in mind the fact that while reopening of an assessment cannot be asked for by the assessee on the ground that it had not furnished Form No. 10 during the original assessment proceedings, this does not mean that when the revenue reopens the assessment by invoking section 147, the assessee would be remediless and would be barred from furnishing Form No. 10 during those assessment proceedings. Therefore, Form No. 10 could be furnished by the assessee-trust during the reassessment proceedings.