2018 (6) TMI 968

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....r Appellants Mr. V.Srinivasan, Adv. for Respondent ORDER The Revenue has filed these appeals under Section 260-A of the Act purporting to raise substantial question of law as to whether donations received by the respondent-Assessee, Akshaya Patra Foundation in the mid of the Financial Year with the stipulation from the donors that part of the said money may be utilized for the specified c....

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.... subsequent year because the donors have specifically stipulated the donations regarding its use over a period of time which spread over to more than one year. Accordingly the assessee has treated the income of the year only to the extent which pertains to the time period during the year under consideration. The Assessing Officer has denied the claim of the assessee without disputing the fact that....

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....ch the obligation to spend the amount has been conditioned by the donor with a stipulation regarding the use over a period of time. When the assessee is complying with the specific condition of utilizing the amount of donation for a particular purpose and for a particular period of time, then it cannot be given a different treatment which is contrary to the conditions of donation. Therefore the tr....

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....nations under the head 'current liabilities' in its books of accounts at the end of the Financial Year to the extent of the donations to be utilized by the respondent- Assessee for the specified charitable purpose in the next financial year. Accordingly, learned counsel for Revenue, the same could not have been so shown as "current liabilities". 4. Both the Appellate Authorities have concurrent....