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2012 (7) TMI 361 - ITAT, DELHIDonations received as a corpus funds - DR stated that without any specific directions by the donors it is an income of the assessee - Held that:- As Registration granted u/s 12AA is concerned it is an order passed by competent authority and if any irregularity crept in the order, the same can be rectified by the competent authority itself, DR cannot raise any objection qua the irregularity, if any, crept in the order of the Learned CIT while granting registration. If discussion between the donor and the donee in the shape of correspondence etc. is seen then it would reveal that donation was made by the donor in order to establish an engineering and a management college in the name of his grand-father. The donor has specifically mentioned in this connection. As the trust had put a proposal to the donor for establishing a college in the name of his grand-father which the donor accepted and accordingly gift deed was made. Thus, the gift deed alone is not to be looked into - it was a corpus donation at the end of donor and it is not a taxable income in the hands of the assessee - with regard to the other donations all the donors have filed their affidavit indicating the fact that they have donated the funds towards corpus - decided in favour of assessee.
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