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Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under trust A society cannot be denied exemption on ground that it is not a trust [Assessment year 2003-04] [In favour of assessee] CIT v. Sarvhitkari Education Society [2009] 318 ITR 93 (Punj. & Har.)/CIT v. Simla Chandigarh Diocese Society [2009] 318 ITR 96 (Punj. & Har.) The expression used in section 11(1)(a) is 'income derived from property held under trust' irrespective of the fact whether income is derived by a trust or any other institution. The requirement is only of holding the property under trust. Thus, the Assessing Officer was not justified in holding that the exemption under section 11(1)(a) could be granted to a trust and not to a society. Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under trust Accumulation Of Income Form 10 may be furnished before assessing authority completes concerned assessment [Assessment year 2003-04] [In favour of assessee] CIT v. Simla Chandigarh Diocese Society [2009] 318 ITR 96 (Punj. & Har.) As held by the Supreme Court in CIT v. Nagpur Hotel Owner's Association [2001] 247 ITR 201, Form 10 may be furnished before the assessing authority completes the concerned assessment. There is no specific bar prohibiting the assessee from modifying the figure of accumulation. Urvashi Dhugga for the Appellant. JUDGMENT Adarsh Kumar Goel, J. - The Revenue has preferred this appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act") against the order of the Income-tax Appellate Tribunal, Chandigarh Bench "B' dated January 29, 2008, passed in I.T.A. No. 888/Chandi/2006 for the assessment year 2003-04, proposing to raise the following substantial questions of law : "(i) Whether, in the facts and circumstances of the case, the hon'ble Income-tax Appellate Tribunal is right in law in holding that the assessee is entitled for exemption under section 11(1)(a) of the Income-tax Act, 1961 ? (ii) Whether, in view of the above observations, the hon'ble Income-tax Appellate Tribunal is justified in deleting the following additions and…

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