2015 (11) TMI 1767

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....is is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals), Salem, dated 28.10.2014, for assessment year 2007-08. 2. The brief facts of the case are that the assessee is a trust and filed its return of income declaring NIL income and was not registered u/s 12AA of the Income-tax Act, 1961. During the financial year 2006-07, a sum of Rs. 8,85,148/- receiv....

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.... assessee produced books of account and made submissions. The Assessing Officer verified and examined the correctness of books of account and also the expenditure incurred. Though the Assessing Officer verified and satisfied with the clarifications, he brought to tax corpus donations of Rs. 8,85,148/- as the trust was not registered u/s 12AA of the Act. 3. Aggrieved by the order of the Assessin....

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.... copy of trust deed and submissions made before the Assessing Officer. The CIT(A) concluded that the assessee and the Assessing Officer are silent on the nature of donations except stating that they are corpus donations. Since the trust is not registered u/s 12AA of the Act, exemption u/s 11(1)(d) is not available to the trust and dismissed the appeal. 4. Further, aggrieved by CIT(A)'s order, a....

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....rs of the lower authorities. He submitted that the assessee-trust is not registered u/s 12AA of the Act and its activities are also not examined by the lower authorities. 6. The Tribunal considered the submissions of both parties. The question arises for consideration is whether the corpus donation received by the assessee is exempted u/s 11(1)(d) of the Act or not ? Admittedly, the trust was n....