2015 (11) TMI 1861

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....espondent : Dr. B. Nischal, JCIT ORDER These appeals of the assessee are against separate orders of the Commissioner of Income-tax (Appeals), Salem, dated 28.10.2014 pertaining to assessment years 2008-09 and 2009-10. Since common issue is involved in both the appeals, for the sake of convenience, we dispose of the same by this composite order. 2. The brief facts of the case are that the ....

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..... Where the voluntary contributions are made with specific direction, it takes the characteristics of corpus and shall form part of the corpus fund of the trust or institution which is exempted u/s 11(1)(d) of the Act. In re- assessment proceedings, the Assessing Officer called for list of donations alongwith confirmation letters of donors who have contributed to corpus fund. Further the assessee ....

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....ith specific direction shall form part of the corpus of the trust or institution and shall not be deemed to be income derived from property held under the trust wholly for charitable or religious purpose though the trust was not registered u/s 12AA of the Act. It was argued that in the absence of 12AA registration, the provisions of sections 11 and 12 shall not apply in relation to income of any t....

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.... ld. Counsel submitted that where the donations are accepted with specific direction, it shall take the characteristics of the corpus fund, hence, a direction may be issued to consider the corpus donations for construction of building as capital in nature. The ld. Counsel relied on the decision of this Tribunal in the case of M/s Pentafour Software Employees Welfare Foundation vs ACIT in I.T.A.No.....