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TMI Blog2017 (6) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... y this consolidated order for the sake of convenience. 3. The assessee in ITA No.505/PUN/2014, relating to the assessment year 2007-08 has raised the following grounds of appeal:- 1) On the facts and circumstances of the case and in law the Ld. CIT(A) was not justified in confirming the order of the A.O who in turn has brought into the purview of taxation the surplus of Rs. 10,26,680/- which surplus was on account of corpus donation received from Govt. of India for specific purpose. The tagged donations and surplus arising out of it which the Trust is entitled to carry forward to subsequent years for its application towards the object of the Trust. It is not an income of the Trust taxable under the Act irrespective of the fact whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prior to that date were taxable in the hands of assessee. In this regard, reliance was placed on the orders of Assessing Officer and CIT(A). 6. We have heard the rival contentions and perused the record. Briefly, in the facts of the case, the assessee trust was engaged in the activities relating to upliftment of women through education, financial support and other projects for the benefit of poor. The assessee received funds from the Government Grant. The registration under section 12AA of the Act was granted w.e.f. 01.04.2009 by the Commissioner, Pune. The years under appeal are assessment years 2007-08 and 2008-09 and consequently, the benefits of sections 11 and 12 of the Act were not available to the assessee for the said years. The As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be not its income as the same belonged to the Government of India. The plea of assessee vis-à-vis grant-in-aid was that the said grant did not belong to the assessee and they do not form its corpus. Further, surplus if any, is not to be taxed in the hands of assessee. The case of Revenue on the other hand, was that in the absence of any registration granted under section 12AA of the Act, the assessee is not entitled to the exemption as per sections 11 and 12 of the Act. The assessee on the other hand, pleaded that the surplus at the end of year was not to be included as income under sections 11 and 12 of the Act. Undoubtedly, the said grants were shown by the assessee in its Profit and Loss Account. However, the entries in the b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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