2023 (6) TMI 1535

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.... This appeal is filed by the Assessee against order dated 30.05.2022 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2018-19. 2. The Assessee has raised the following ground of appeal:- "1. Ld. CIT(A) erred in law as well as in fact in confirming addition of voluntary contribution forming part of the Corpus Fund received in earlier years tr....

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.... 12 of the Act as the trust is not having registration under Section 12AA of the Act. Therefore, exemption under Section 11(1)(d) for corpus donation is not allowable in the case of the assessee. Thus, the Assessing Officer held that the trust is liable to tax at maximum marginal rate under section 164 as it is not registered under Section 12AA of the Act. The application under Section 154 of the ....

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....ome Tax Officer (Exemptions), Ward-2, Pune vs. Serum Institute of India Research Foundation (2018) 90 taxmann.com 229 (Pune Tribunal), the Tribunal has held that voluntary contribution received towards corpus by unregistered trust under Section 12A is capital receipt and not taxable. The Ld. AR further submitted that the amount of voluntary contribution received towards corpus of trust was receive....

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.... the trust was not a registered trust under Section 12AA of the Act. Ld. DR further submitted that regarding opening balance contention that the assessee was having voluntary contribution in the previous years are not justifiable as the bank account was opened in the present year and the cash derived was not explained by the assessee. 7. Heard both the parties and perused all the relevant mater....