9911796707
TMI Blog2012 (10) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... arned CIT(A) for a fresh decision as proposed by the AM or the Tribunal can decide the matter as per the proposed order of the J.M.? 2. Whether under the facts and circumstances of the case, since the receipts issued in respect of the said "Corpus fund" was prepared by the employees of the society, an enquiry was still required to be decide the nature of the said "Corpus Fund"? 3. Whether under the facts and circumstances of the case, the amount of Rs.1,54,67,621/- constituted the "Corpus Fund" of the assessee-society ?" 2. At the time of hearing of this case before me, as Third Member, none appeared on behalf of the Revenue. Accordingly, the questions referred to me by the Hon'ble President are being disposed of ex parte qua the Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) has admitted the same and the Revenue has preferred not to raise any ground of appeal before the Tribunal as to the violation of provision of Rule 46A, and therefore, the question no.1 referred by the Hon'ble President has to be answered accordingly. 5. The learned counsel for the assessee submitted that with regard to second question that whether an inquiry was required to decide the nature of the said corpus fund, it was for the AO to make necessary inquiry or call for the witnesses and the CIT(A) has passed speaking order on this issue and no mistake could be pointed out in the order of the CIT(A) by the Revenue. 6. The learned counsel for the assessee, with regard to question no.3 referred to by the Hon'ble President to the Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the donation amount was to form part of the corpus of the trust towards Chemical Engineering, one of the departments of the institution. The learned JM has further recorded that the Gujarat State Cooperative Fruit & Vegetable Marketing Foundation Ltd, Bardoli has donated Rs.1 lakh through cheque with direction to accept the donation as corpus fund of the assessee-trust. Likewise a sum of Rs.4 lakhs was received through demand drafts from Radhaben & Khushalbhai Foundation towards the corpus fund and a sum of Rs.5 lakhs was received through cheque as a corpus for the assessee-trust from Shree Khedut Sahakari Khand Udyog Mandli Ltd. The learned JM has recorded that in the donation receipts issued by the assessee the word corpus fund have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the donors of the "corpus fund", I agree with the learned JM that the issue could not be restored back to the file of lower authorities for a fresh decision on this count. Accordingly, the question no.1 referred to the Third Member by the Hon'ble President is answered in favour of the assessee and against the Revenue. 8. With regard to question no.2, referred to the Third Member by the Hon'ble President that whether any inquiry was still required to decide the nature of the said "corpus fund", I find that it was for the AO to decide what type of inquiry is required in a particular case while framing the assessment of the assessee. In this case, the assessee has produced his complete account books along with original receipt book of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eclaration from all the 60 donors of the corpus fund certifying that they have donated towards corpus fund of the assessee-society and the Revenue has not raised any ground of appeal against the admission of these declarations produced by the assessee before the CIT(A), the amount in question has to be held as constituting "Corpus Fund" of the assessee-society and accordingly, I agree with the order of the ld. JM on the issue and the question no.3 referred to Third Member is answered in favour of the assessee, and against the Revenue. 10. In the facts of the case and in accordance with the relevant provisions of law, I have no hesitation to hold that all the three questions referred to Third Member by the Hon'ble President have to b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
