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2020 (12) TMI 176 - AT - Income TaxExemption u/s 11 - tax-payer trust is not registered u/s 12A - corpus fund receipt - HELD THAT:- The assessee produced the receipt issued by itself to various parties wherein it is mentioned that it has been received as a corpus donation. There is no evidence regarding specific direction given by the donor treating that the said amount was given towards corpus fund of present assessee. In the absence of any material to show that the provisions is abused and if it is demonstrated that the educational institution has collected money in the form of voluntary contributions from public and may be from the parents or the students who are studying in the institution and when they have issued receipts acknowledging the said amount towards building fund and made requisite entries in the books and deposited the same in the bank, if the court is satisfied with the genuineness of the transaction, it is well within the power of judicial authority to hold that the requirement of section 11(1)(d) fulfilled and assessee is entitled to be exempted. In the present case, it is nobody’s case that donors herein have collected any donation on behalf of the present assessee from the students or from parents for giving the admission in the institutions run by the present assessee - AO in this case without looking into this issue, straightaway treated as the donation income of assessee. AO has failed to carryout necessary enquiry with regard to sources from which such donors have donated the amount to the present assessee and are unable to comment on this aspect.- Appeal of the Revenue is dismissed.
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