TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 969
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....T/S/143(3)/2021-22/1033301230), passed by the National Faceless Assessment Centre, Delhi, under Section 143(3) read with Section 144B of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for the Assessment Year 2018-19. 2. The Ld. CIT(A) restricted the addition to the tune of Rs. 2,00,00,000/- on account of donation not being corpus donation as claimed by the assessee trust and in view of that particular observation made by the Ld. CIT(A) the additional ground has been raised by the assessee in the following manner: "12. That the assessee cannot be subjected to tax for failure to apply or accumulate the income which was not actually available. The assessee had not received a sum of Rs. 3.23 crore (which was donation receiva....
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....ng the judgments relied upon by the Ld. AR the additional ground of appeal is admitted. 5. The brief facts leading to the case are that the assessee trust, filed its return of income for A.Y. 2018-19 on 4.10.2018 declaring total income at Rs. Nil upon claiming exemption under Section 11 of the Act. The nature of activity and classification of the activity is clarified as "others". The Trust is registered on 13.04.2017 under Section 12AA read with Section 12A of the Act by and under the signatures issued by the Ld. CIT(Exemption), Delhi, copy whereof has already been annexed at page 24 of the paper book filed before us. The assessee has also been granted approval under Section 80G(5)(vi) of the Act on the same day by and under the signature....
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....in Rs. ) 1 Indian Oil Corporation 1,00,00,000 2 Oil India Limited 50,00,000 3 Thiruveni Earth Mover (P) Limited 50,00,000 4 Cairn 1,00,00,000 8. It was the case of the assessee that the assessee's receipt of corpus donation to the tune of Rs. 3,00,00,000/- from the public sector undertakings (PSU) was of voluntary contribution with specific directions to consider as corpus donation and due to continued lock down period under Covid-19 office of the assessee was closed and therefore, it could not get the required letters containing the specific directions in regard to the corpus donations made by the different donors. 9. On the other hand, Ld. AO was of the opinion that the donation should contain a specific direction that it sh....
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....eof the Ld. CIT(A) came to the finding that the donation given by Oil India Limited and Thiruveni Earth Mover P Limited to the tune of Rs. 50,00,000/- each the nature of corpus donation was mentioned by the donors whereas the letters of donation written by the Indian Oil Corporation and Cairn to the tune of Rs. 1,00,00,000/- each, did not mention the nature of corpus donation by the said donors. In that view of the matter the addition of donation of Rs. 2,00,00,000/- as non corpus donation stood confirmed by the First Appellate Authority which is under appeal before us. 11. Under these facts and circumstances of the matter the alternative argument of the Ld. Counsel appearing for the assessee is that the assessee cannot be subjected to tax....
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....idering the donation receivable and current liabilities of the assessee of Rs. 323,40,000/- and Rs. 191,99,479/- as it appearing from the balance sheet at page 2 of the paper book filed before us, the total receipts available for application remains at Rs. 13,70,18,903/-. The 85% of the total receipts available for application, thus, become Rs. 11,64,66,068/-, whereas the actual application as per the income and expenditure account is only Rs. 11,54,61,387/-. Thus, the revised computation of income of the trust could be calculated as follows: Particulars Amount (Rs.) Gross Receipts 16,01,59,424 Less: Corpus Donations 1,00,00,000 Total Receipts on accrual basis (A) 15,01,59,424 Less: Donation Receivable 3,23,40,000 Add: Current Li....