INCOME-TAX OFFICER vs. SERUM INSTITUTE OF INDIA RESEARCH FOUNDATION,, PUNE

In the result, appeal of the Revenue is dismissed

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.621/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2005-06 वष"

56 relating to gifts were amended to tax certain gifts in certain circumstances) were relied upon by the Ld. DR. The voluntary contributions, in principle, even though made to the Corpus of the Trust constitute “income, in a case like the present assessee although it is registered as a Research Foundation, i.e. Trust under the Bombay Public Trust Act. Further