THE DCIT,(EXEMPTION), CIRCLE-2, AHMEDABAD vs. SHREE SURAT JILLA LEUVA PATIDAR SAMAJ TRUST, SURAT

ITA 3282/AHD/2014Status: DisposedITAT Surat14 November 2018AY 2010-119 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) was correct in deleting the addition related to income accumulation as the assessee had already applied its income exceeding gross receipts. Regarding corpus funds, the Tribunal agreed that donations towards corpus are capital receipts and not taxable income, and expenditures were not from these funds.

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of additions made by the AO. The additions pertained to disallowance of income accumulation and expenditure from corpus funds. The assessee trust claimed that it had applied its income exceeding its gross receipts and that donations received were towards corpus funds.

What were the issues?

Whether income accumulation by a trust is allowable when its application of income exceeds gross receipts, and whether donations received towards corpus funds are taxable income.

Which sections of the Income-tax Act were involved?

Section 11(1)(a),Section 11(1)(d),Section 11(2)

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Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: SHRI C.M.GARG & SHRI O.P.MEENA

Hearing: 15.10.2018

PER O. P. MEENA, ACCOUTANT MEMBER:

1.

This appeal filed by the Revenue is directed against the order of learned Commissioner of Income Tax (Appeals)-I, Surat(in short “the CIT (A)”) dated 25.09.2014 pertaining to Assessment Year 2010-11 which in turn has arisen from the order passed by the Assistant Commissioner

The order continues below.

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