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2023 (7) TMI 123 - ITAT DELHIRevision u/s 263 - Exemption u/s 11 - Receipt of corpus donation - HELD THAT:- As in the computation of income, the assessee has specifically mentioned the receipt of corpus donation - balance sheet forming part of the Tax Audit Report reflects the corpus donation. Assessee has furnished the return of income and bank statement of the donor. Perusal of the bank statements of the donor clearly reveals that on 02.04.2014, the assessee had received loan of Rs.1 crore, which was repaid back on 31.03.2015. Whereas, the assessee received an amount of Rs.1 crore towards corpus donation, which is reflected in the bank statement of donor. These are established facts on record, which cannot be ignored. It is also a fact that donor itself is registered as a charitable trust/society under section 12AA of the Act. Therefore, there cannot be any doubt regarding the genuineness of the donor. Thus, the allegation of learned CIT that AO has not made proper inquiry with regard to the receipt of corpus donation is found to be contrary to facts and materials on record. Contention of DR that the corpus donation was received in subsequent financial year, we must observe that though, the cheque was received by assessee in the financial year relevant to the assessment year under dispute, however, the money was realized on 04.04.2015, as reflected in the bank statement of M/s. Suran Protsahan. Therefore, such contention of learned Departmental Representative is not of much relevance. Thus we are of the view that the AO, having passed the assessment order after conducting proper inquiry and applying his mind with due diligence, such assessment order cannot be considered to be erroneous and prejudicial to the interest of Revenue. Accordingly, we quash the impugned order passed under section 263 of the Act and restore the order of Assessing Officer. Grounds are allowed.
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