TMI Blog2009 (10) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... by the department, arises out of order dated 13-4-2009 of the CIT(Appeals) for the A.Y. 2003-04. 2. The assessee is a trust, which is duly registered u/s 12A(a) of the Income-tax Act, 1961 and is granted exemption. Disputes were raised as to the donations receipt of ₹ 7,65,467/-. The assessee had furnished details of the donations received. According to the Assessing Officer, these were o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e capacity of such creditor to loan or gift the money and lastly, the genuineness of the transaction. The initial burden squarely lies upon the assessee to explain the credit entry (Kale Khan Mohd. Hanif vs. CIT (1963) 50 ITR 1). Since the appellant has discharged its onus by proving genuineness of amount of donation of ₹ 765467/- (Donation of ₹ 708300/-, Members subscription ₹ 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trongly supported the findings in the order of the Assessing Officer and the assessee drew support from the decision of the Supreme Court in the case of S.RM.M.CT.M. Tirupani Trust vs. CIT (1998) 230 ITR 636; and Director of Income-tax (Exemption) Vs. Keshav Social and Charitable Foundation (2005) 278 ITR 152(Del.). 4. We have considered the rival submissions and gone through the records. As he ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
