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TMI Blog2013 (9) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... the charitable or religious trust to its charitable or religious purposes in India. This is, subject to accumulation up to a specified maximum which was 25 per cent. In the present case that the assessee had applied more than 75% of the donations for charitable purposes as per its objects - The Delhi High Court in the abovementioned case, further held that Section 68 of the Act has no application in such case where the assessee had disclosed donations as its income - If there is full disclosure of the donation for whatever purpose and that the registration under Section 12-A is continuing and valid, exemptions cannot be denied – Decided against the Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... ,36,191/- without giving any findings. 4. Whether on the facts and circumstances of the case as per law the Hon'ble ITAT was right in dismissing the appeal of the revenue on account of caution money disallowed by the AO amounting to Rs.9,70,035/- without giving any findings." 4. In the present case the AO disallowed the exemptions for donations of Rs.96,50,000/- received from 60 persons, who had donated the amounts ranging from Rs.8000/- to 19000/- and others. The AO issued summons to 15 persons, out of these four persons denied the affidavits and signatures on the affidavits and also stated that they have not donated any money to the assessee. In another two cases they denied that they have any connection with the Society. On account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e previous year. The income so exempt is the income which is applied by the charitable or religious trust to its charitable or religious purposes in India. This is, of course, subject to accumulation up to a specified maximum which was 25 per cent. In that case it was found, as in the present case that the assessee had applied more than 75% of the donations for charitable purposes as per its objects. The Delhi High Court further held that Section 68 of the Act has no application in such case where the assessee had disclosed donations as its income. It was also not disputed that all receipts, other than corpus donations, would be income in the hands of the assessee. If there is full disclosure of the donation for whatever purpose and that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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