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2022 (7) TMI 669 - AT - Income TaxRevision u/s 263 - Benefit u/s 11 - foreign contribution and other donations were received - HELD THAT:- We note that audited financial statements, statement of computation of income, details of non-corpus donations received during the year, income & expenditure account, receipt & payment account etc. were available with AO during the assessment proceedings. A perusal of the same shows that all the necessary facts required for adjudication of the claim of the Appellant were already on record. In response to notice dated 24.01.2017 issued by the AO, the Appellant had filed reply dated 29.06.2017 giving details of the trust its objects and providing other information/details sought for by the AO. As brought to the notice of AO that opening balance of INR 70.55 Crores of the receipt and payments account consisted of corpus donations of INR 65 Crores received by the trust in the earlier years which has been applied for the objects of the trust as is clear from bare reading of the receipts and payments account. Since the claim made by the Appellant as well as all the facts were apparent and clearly on record, we do not agree with the CIT(E) that any further inquiry/verification was warranted in the facts of the present case. There was nothing on record to invite further enquiry into the matter in view of the disclosures already made. According to CIT(E), AO fell in error by not enquiring about the source of money applied by the Appellant towards the objects of the trust since the foreign contribution was deposited in escrow account. See CHOTANAGPUR DIOCESAN TRUST. VERSUS INCOME TAX OFFICER. [1986 (7) TMI 210 - ITAT PATNA] As Appellant had submitted that the assessment order is not erroneous and in support thereto had highlighted that the amendments to Section 10(23C) and 11 of the Act which provide that applications out of corpus shall not be considered as application for charitable purposes have been introduced w.e.f. 01.04.2022, and are not applicable to Assessment Year 2015-16. Ld. Authorised Representative for the Appellant has contended that the view taken by the AO is correct. According to us it is certainly a plausible view, if not the correct view, which cannot be disturbed by CIT(E) in exercise of powers of revision under Section 263 of the Act. We set aside the order, passed by the CIT(E) under Section 263 of the Act and restore the Assessment Order, dated 08.12.2017. Appeal of assessee allowed.
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