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TMI Blog2013 (8) TMI 875X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of the Income-tax Appellate Tribunal. Since facts are identical, therefore, to maintain consistency, we follow the above orders of the Income-tax Appellate Tribunal and the light of facts we do not find any infirmity in the order of the Commissioner of Income-tax (Appeals). The order of the Commissioner of Income-tax (Appeals) is confirmed. - Decided against revenue. - ITA No.386/Agra/2012 - - - Dated:- 2-8-2013 - SHRI BHAVNESH SAINI ANDSHRI A.L. GEHLOT, JJ. For the Appellant : Shri S.L. Maurya, Sr. D.R. For the Respondent : Shri Deependra Mohan, C.A. ORDER A. L. Gehlot (Accountant Member).- This is an appeal filed by the Revenue against the order dated February 24, 2012 passed by the learned Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion received towards the corpus of the trust. The Commissioner of Income-tax (Appeals) deleted the addition of ₹ 68,50,000 out of the addition of ₹ 68,70,000 made by the Assessing Officer as under: I have also examined the term corpus fund and corpus donation as it is being generally used with respect to a trust. A corpus fund denotes a permanent fund kept for the basic expenditures needed for the administration and survival of the organisation. The corpus fund is generally not allowed to be utilised for the attainment of the purposes, but the interest/dividend accused on such fund can be utilised as well as accumulated. Such fund can also be used for creation of capital asset or property of the trust from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corpus donation being in the nature of capital receipt are not chargeable to Income-tax. The decision of the Income-tax Appellate Tribunal, Delhi in the case of Basanti Devi and Sri Chakhan Lal Garg Education Trust for both assessment years 2002-03 and 200304 are annexed with this order as annexure A-1 in which reference to the decision in the case of Pentafour Software Employees Welfare Foundation is also given. I have also come across another decision of the hon'ble Income-tax Appellate Tribunal, Kolkata in the case of Shri Shankar Bhagwan Estate v. ITO dated January 13, 1997 reported in [1997] 61 ITD 196 (Cal) in which, the taxability of corpus donation has been examined in the light of section 12 read section 2(24)(iia) of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Scindia Commission Trust [1991] 189 ITR 5 (Bom). The position after the amendment is a fortiori. In the present cases the Assessing Officer on evidence has accepted the facts that all the donations have been received towards the corpus of the endowments. In view of this clear finding, it is not possible to hold that they are to be assessed as income of the assessees. We, therefore, hold that the assessment of the corpus donations cannot be supported. 12. For the above reasons, we hold as under : 1. The religious endowments are not invalid on the ground that neither the temple nor the image had been consecrated at the time of creating the endowments. 2. The assessees have to be assessed in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted and accordingly, Ground No. 2 is allowed. 4. The learned Departmental representative relied upon the order of the Assessing Officer, whereas the learned authorised representative relied upon the order of the Commissioner of Income-tax (Appeals) and submitted that the Commissioner of Income-tax (Appeals) has followed the orders of the Income-tax Appellate Tribunal, Delhi Bench, which has been confirmed by the hon'ble Delhi High Court, thus, the issue is covered in favour of the assessee. 5. The learned authorised representative has submitted that the issue is covered by various orders of the Income-tax Appellate Tribunal in the cases of Shri Shankar Bhagwan Estate v. ITO [1997] 61 ITD 196 (Cal), Society for Integrated Developm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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