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2017 (10) TMI 1619 - AT - Income TaxExemption u/s 11 - contribution to the building development fund - HELD THAT:- Assessee submitted audited accounts for the year ending 31/03/2011, partywise details of contributions to the building fund etc - On examining the details of the contributions towards building development fund, we notice that the receipts are issued by the assessee stating that the contributions made by the donors are for specific purpose of putting up infrastructure, namely building. The contribution received for building fund has not been denied the benefit of section 11(1)(d) for the earlier assessment years. In the case of DIT(Exemption) vs. Sri Ramakrishna Seva Ashrama [2011 (10) TMI 369 - KARNATAKA HIGH COURT] had held that if the intention of the donor is to give money to a Trust and to utilize the same for carrying out a particular activity, it satisfies the definition of the word ‘corpus fund’. It was concluded by the Hon’ble Karnataka High Court that the assessee would thus be entitled to the benefit of section 11(1)(d) of the Act. We are of the view that the assessee is entitled to exemption under section 11(1)(d) of amount received during the concerned assessment year, i.e., 2011-12. Therefore, we see no reason to interfere with the order of the CIT(A) and we uphold the same as correct - Appeal filed by the Revenue is dismissed.
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