TMI Blog2022 (9) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of Rs.50 lacs was being utilised for purchase of property and, therefore, even though the receipt of donation has to be treated as unexplained receipt of the assessee as per Section 68, the addition cannot be made because the assessee itself has applied the entire receipt for the objects of the assessee society. Further, the learned tribunal after taking note of the various decisions of the High Court, on facts, found that the assessee has shown the donation as corpus fund and had applied the same by advance money to the land and building which was shown in the balance-sheet as at 31.3.2011 which was placed before the tribunal in the form of a paper book. Tribunal also found that the application of the said fund was admittedly for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d:- 13-9-2022 - THE HON BLE JUSTICE T.S. SIVAGNANAM AND THE HON BLE JUSTICE SUPRATIM BHATTACHARYA For the Appellant : Mr. Vipul Kundalia, Adv., Mr. Anurag Roy, Adv. For the Respondent : Mr. Bhaskar Sengupta, Adv. ORDER The Court: This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act for brevity) is directed against the order dated 6th September, 2017 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata (the Tribunal) in ITA No.2434/Kol/2016. The revenue has raised the following substantial question of law for consideration: (i) Whether on the facts and circumstances of the case and in law, the Learned Tribunal is right in quashing the order for cancellation of regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in charge of the company which had extended a donation of Rs.50 lacs to the assessee was fatal. That apart, on facts the tribunal found that the amount of Rs.50 lacs was being utilised for purchase of property and, therefore, even though the receipt of donation has to be treated as unexplained receipt of the assessee as per Section 68, the addition cannot be made because the assessee itself has applied the entire receipt for the objects of the assessee society. Further, the learned tribunal after taking note of the various decisions of the High Court, on facts, found that the assessee has shown the donation as corpus fund and had applied the same by advance money to the land and building which was shown in the balance-sheet as at 31.3.2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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