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2005 (2) TMI 84 - HC - Income TaxDonations received by trust - Assessing Officer treating the donations received as income under section 68 - assessee’s submission is that once a donation is received, it will be deemed to be received for a charitable purpose unless the donation was received towards the corpus of the trust – held that assessee had not only disclosed its donations, but had also submitted a list of donors. The fact that the complete list of donors was not filed or that the donors were not produced, does not necessarily lead to the inference that the assessee was trying to introduce unaccounted money by way of donation receipts – There was, therefore, full disclosure of income by the assessee and also application of the donations for charitable purposes. It is not in dispute that the objects and activities of the assessee were charitable in nature - Held that Section 68 has no application
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