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2014 (4) TMI 784 - AT - Income TaxAddition made u/s 68 of the Act Genuineness of the donations Benefit of exemption u/s 11 and 12 of the Act Applicability of section 115BBC of the Act - Held that:- The decision in SUNDER DEEP EDUCATION SOCIETY C/O M/S RRA TAXINDIA, VERSUS ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-2, GHAZIABAD [2014 (4) TMI 523 - ITAT DELHI] followed - The receipts are to be governed by sec. 11 and 12 of the Act - The moment assessee has treated the donations as its income and it is deemed to be an income derived from the property held under the trust as per sec. 12(1) then, the only aspect remained is to verify whether such amounts have been applied for the objects of the society to the extent of 85% or not. The donations cannot be termed as anonymous since list of the donors were filed and payments have been made through banking channel - the benefit of sections 11 & 12 in computing the income received on account of donations from identified donors cannot be denied thus, the AO is directed to verify the facts that assessee has applied 85% of its income during the year including these donations on its objects Decided in favour of Assessee.
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