TaxTMI 
TaxTMI 
2024 (7) TMI 1010
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....deration, as the assessee was not registered u/s 12A of the Income-tax Act, 1961 [the Act, for short] and, therefore, not eligible for exemption u/s 11(1)(d) of the Act. 3. Briefly stated, the facts of the case are that the assessee filed its return of income on 01.10.2009, which return was selected for scrutiny assessment and assessment was framed u/s 143(3) of the Act vide order dated 19.12.2011. Assuming jurisdiction conferred upon him by provisions of section 263 of the Act, the PCIT held that the assessment order is not only erroneous but also prejudicial to the interest of the Revenue and accordingly, set aside the assessment. 4. Pursuant to the directions of the PCIT, assessment proceedings were once again initiated and, accordingl....
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....ssing Officer. The ld. DR drew our attention to the decision of this Tribunal by which the co-ordinate bench has upheld the order of the CIT u/s 263 of the Act and read the operative part pointing out specific observations of the Tribunal in support of the order of the Assessing Officer. 9. Per contra, the ld. counsel for the assessee reiterated what has been stated before the lower authorities. 10. We have given thoughtful consideration to the orders of the authorities below. It would be pertinent to refer to the letter of Bandhan-Konnagar dated 30.03.2009 which reads as under: 11. Corpus grant was to be utilized as per will /wish of the donor trust, which can be seen from the following letter: 12. The only quarrel is i....
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....l not be considered as income of the trust. In the case of RB. Shriram Religious and charitable Trust v. CIT[19881 172 ITR 373/39 Taxman 28 (Born.) Hon'ble Bombay High Court held that even ignoring the amendments to section 12, which means that even before the words appearing to parenthesis in the present section 12, it cannot be held that voluntary contributions specifically received towards the corpus of the trust may be brought to tax. The aforesaid decision was followed by the Hon'ble Bombay High Court in the case of Trustees of Kasturbai Scindia Commission Trust 189 ITR 5. In the present case, the A.O. on evidence has accepted the fact that the impugned donation has been received towards the corpus of the endowment. 6.4. The ....
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....hority of the Income Tax Department and the Order granting Registration u/s.12AA of the I.T. Act, 1961 was passed by the Commissioner of Income Tax (Exemptions), Hyderabad on 25/09/2017 and copy of the same is filed by the appellant during the course of appellate proceedings. 6.7 Reliance is placed on the decision of Hon'ble ITAT Pune Bench 'B' in the case of ITO (Exemptions), Ward-2, Pune Vs. Serum Institute of India Research Foundation wherein it is held that corpus specific voluntary contribution being in nature of capital receipt, are outside scope o income under section 2(24)(iia) and, thus same cannot be brought to tax even in case of trust not registered u/s. 12A / 12AA of the I.T. Act. 6.8 In view of the above and as....