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2010 (3) TMI 854 - HC - Income TaxCorpus Donation - Exemption under section 11 of the Income-tax Act - Assessing Officer found that the assessee had not maintained proper books of account and that the assessee was receiving cash from unknown sources which was not explained properly – Tribunal allowed exemption - Held that:- Assessee was not able to give the name and address of the donors as well as the mode payments, etc., the fact that such amount has been received by the trust is not in dispute. The Tribunal in fact has not accepted the contention of the assessee that the said donation has to be treated as corpus donation. On the other hand, the Tribunal has held that the said amount since it has come from third parties the same could have to be treated as income. However, if the said amount is utilised or expended for charitable purpose, then the said amount would be eligible for exemption under section 11(1)(d) of the Act. The Tribunal rightly rejected the claim of the assessee to treat the said amount as corpus donations and has correctly granted the relief under section 11(1)(d) on this aspect of the matter also, substantial questions of law raised in this appeal will have to be answered against the Revenue.
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