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TMI Blog2019 (1) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 17.04.2009 with effect from 01.05.2008. The assessee society also enjoys recognition u/s 80G of the Act. As per the Memorandum, the assessee society has been established to run colleges with an object to enhance the standard of education. The return of income for the year under consideration was filed declaring nil income. Subsequently, the case was selected for compulsory scrutiny. During the course of assessment proceedings, the assessee was required to furnish information regarding donations received along with names, addresses, bank accounts and copy of confirmations from the donors. The assessee submitted details of the donors/ donations. However, as some details as desired by the Assessing Officer (AO) were not filed, the AO pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars as may be prescribed. It was further submitted that the assessee has duly maintained particulars of the names and addresses of the donors and the same has not been disputed by the Assessing Officer. It was also submitted that no other particulars have so far been prescribed by the Act. It was also submitted that apart from this no other onus was to be discharged by the assessee in this regard. He also drew our attention to the income and expenditure account of the society and pointed out that the assessee has duly shown the donations as income and the expenditure as application of income. It was also emphasized that the donations were not from bogus entities as all the donor companies were registered companies which were on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions) vs. Keshav Social & Charitable Trust (278 ITR 152) observed that the fact that 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 un-accounted money by way of donation receipts. The Hon'ble Court further observed that as the assessee had disclosed the donation as income, the provisions of section 68 cannot be applied. 5.1 The Hyderabad Bench of the ITAT in the case of M/s. Vaishnavi Educational Society Versus The Deputy CIT Central Circle, Tirupati reported in 2014 (11) TMI 350 - ITAT HYDERABAD held that where the names of the donors along with their addresses were furnished before the Investigation Wing of the department an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idered view that since the assessee has maintained the details of donors, the donations cannot be called anonymous and provisions of section 115 BBC cannot be invoked in the given facts and circumstances of the case. If provision of section 115BBC cannot be invoked, the impugned addition cannot be sustained. Accordingly, we set aside the order of the Ld. CIT (A) on the issue and direct the AO to delete the addition. 5.3 As far as the second issue regarding adding back of depreciation is concerned, we note that the averment of the Ld. AR is correct that depreciation has not been claimed as an application of income by the assessee and, therefore, there is no question of adding back the same to the income of the assessee. The assessee succee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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