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2017 (2) TMI 602 - AT - Income TaxRevision u/s 263 - exemption u/s 11 wrongly allowed - Corpus Donation received - Registration of the trust u/s 12A - whether Corpus Fund which cannot be used by the trust and only income derived from this corpus fund thereon can be used for the benefit of the members? - Held that:- The donations were pass-through donations with specific purposes for which the said voluntary donations can be utilized and the tax-payer has no choice but to spend these donations for specific purposes for which they were granted to the tax-payer trusts. We are of the considered view that the assessment order of the A.O. dated 12-12-2013 passed u/s 143(3) of the Act in the instant appeal is erroneous so far as it is prejudicial to the interest of Revenue which cannot be sustained in law as it is against the provisions of law as discussed above . Thus, we do not find any merit in contention of learned counsel for the assessee and hold that the assessment order dated 12-12-2013 passed by the A.O. u/s 143(3) of the Act is erroneous so far as is prejudicial to the interest of Revenue, hence, we have no hesitation in up-holding the said order dated 16-02-2016 passed by the learned CIT(E) u/s 263 of the Act as the assessment order dated 12-12-2013 passed by the AO u/s 143(3) of the Act is erroneous as far as being prejudicial to the interest of Revenue, and accordingly we uphold the order dated 16.02.2016 passed by the ld. CIT(E) u/s 263 of the Act. - Decided against assessee
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