2005 (9) TMI 662 - HC - Income Tax

Donations received by trust - Assessing Officer treating the donations received as income under section 68 - Held that - The fact that the complete list of donors was not filed or that the donors were not produced, does not necessarily lead to the inference that the assessee was trying to introduce unaccounted money by way of donation receipts There was, therefore, full disclosure of income by the assessee and also application of the donations for charitable purposes. It is not in dispute that the objects and activities of the assessee were charitable in nature - Held that Section 68 has no application. See Director of Income-Tax (Exemption) Versus Keshav Social And Charitable Foundation 2005 (2) TMI 84 - DELHI High Court .

Summary

The Delhi High Court dismissed the appeal filed by the Revenue for the assessment year 1998-99, as it had already upheld a similar order for the assessment year 1991-92. The appeal was dismissed based on a reasoned order dated 3rd February, 2005.