AO’s plausible view on Trust’s surplus utilisation upheld & Section 263 Revision order quashed

Indian Medical Association Vs ITO (Exemption) (ITAT Cochin) Appellant, a trust duly registered u/s. 12A  filed on return of income  declaring Nil income after claiming exemption u/s. 11.  Assessment was completed by the AO  u/s 143(3) r.w.s. 143(3A) & 143(3B)  at a total income of Rs. 1,81,81,500/-. PCIT observed that the schedule ER in the return of income indicates Nil utilisation & schedule EC shows utilisation of only Rs. 7,09,621/- of the outcome accumulated in the earlier years. PCIT formed an opinion that the surplus carry forwarded from earlier years remain unutilised ...