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TMI Blog2020 (12) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the assessee trust for the purpose of acquiring fixed assets were not offered to tax and the said income was not reflected in the Income Expenditure Account of the assessee trust. As rightly contended by assessee by relying on the decision in the case of ITO (Exemptions) Vs. Serum Institute of India [ 2018 (2) TMI 103 - ITAT PUNE ] the said receipts representing contribution towards corpus funds were capital in nature and the same therefore, were not chargeable to tax. Similarly, the said receipts of capital in nature representing corpus funds were directly taken to the Balance Sheet by the assessee trust and there was no question of reflection of the same in its Income Expenditure Account. At the time of hearing before the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peciality in Eye Diseases for common people and to arrange Catrus Retina check up camps, blood camps, Eye checking camps, diabetes check up camps, etc. for common people. After its failure to get registration u/s 12AA of the Act in response to couple of applications filed earlier, a fresh application was filed by the assessee for registration u/s 12AA of the Act on 31.08.2018. The said application was rejected by the Ld.CIT(Exemptions), Pune vide its order dated 28.02.2019 on the ground that its activities were not genuine in as much as the correct income was not disclosed in the audited Income Expenditure Account as well as in the return of income. Against the said order of the Ld.CIT(Exemptions), Pune, an appeal was preferred by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income declared by the assessee in the return of income. In support of this contention, he relied on the decision of Coordinate Bench of this Tribunal in the case of ITO (Exemptions) Vs. Serum Institute of India, rendered by its order dated 29.01.2018 passed in ITA No.621/PUN/2016, wherein it was held that corpus specific voluntary contributions are outside the scope of income as defined in section 2(24)(iia) of the Act due to their capital in nature even in case of unregistered trust. 4. The Ld. DR on the other hand, submitted that there was no evidence filed by the assessee to show that the amount in question was in the nature of corpus donation. He also submitted that the assessee even did not declare this amount in its Income Expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... representing corpus funds were directly taken to the Balance Sheet by the assessee trust and there was no question of reflection of the same in its Income Expenditure Account. At the time of hearing before the Tribunal, the Ld. DR contended that no evidence was filed by the assessee to show that the said receipts were in the nature of corpus donations. However, as pointed out by the Ld. Counsel for the assessee from the submissions made before the Ld.CIT(Exemptions), Pune vide letter dated 20.12.2019 (copy at pages 33 and 34 of paper book), details of corpus donations were furnished by the assessee before the Ld.CIT(Exemptions), Pune and even the utilization of the same for purchase of assets was also duly established. Keeping in view all t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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