THE ASST.COMMISSIONER OF INCOME TAX - (EXEMPTIONS ) CIRCLE - 1, MANGALURU vs. M/S A. SHAMA RAO FOUNDATION, MANGALURU
In the result, appeal of the Revenue is dismissed
ITA 1464/BANG/2018[2015-16]Status: DisposedITAT Bangalore03 Dec 2020AY 2015-16
Bench: Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm I.T.A. No.1464/Bang/2018 Assessment Year : 2015-16 The Assistant Commissioner Of Vs. M/S. A. Shama Rao Foundation, Income-Tax (Exemptions), Circle- 13-2-116, Hotel Srinivas Building, 1, Mangaluru G.H.S. Road, Mangaluru-575 001. [Pan:Aaata 1629 B] (Revenue-Appellant) (Assessee -Respondent) Revenue By Shri Pradeep Kumar, Cit(Dr) Assessee By Shri V. Srinivasan, Adv. Date Of Hearing 09/11/2020 Date Of Pronouncement 03/12/2020 O R D E R
Section 11(1)(d)Section 12A
disallowed the claim of corpus nature and treated Rs.36,16,88,341/- as regular income of the assessee trust. The Assessing Officer was of the view that all such donations from other trusts are to be treated as regular income of the assessee and cannot be claimed as corpus nature which will lead to large scale manipulation between trusts