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TMI Blog2021 (12) TMI 368X X X X Extracts X X X X X X X X Extracts X X X X ..... ose of building fund. The findings recorded by the Tribunal firstly are findings of fact, the Tribunal being final authority on an issue of fact, a few grounds are available to challenge even the findings of fact recorded by the Tribunal. The question that falls thereafter for our consideration is whether any of the exceptional grounds available in this behalf are put forward to assail the findings of the Tribunal. For convenience, we have excerpted the findings recorded by the Tribunal. This Court since is in agreement with the findings recorded both in law and fact of the Tribunal, is also not pursuaded to restate the same conclusion in a different way. We accept the findings recorded by the Tribunal and further hold that the no substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he explanation offered by the assessee. By order dated 06.08.2015 made under Sec.154 of the Act the total income of the assessee has been reduced to ₹ 1,60,56,579/-. The Commissioner of the Income Tax (Exemptions) had taken up proceedings under Sec.263 of the Act. In the proceedings initiated under Sec.263, the Commissioner noted the details concerning ₹ 2,08,91,000/- which was reduced from the total income of the assessee vide order dated 06.08.2015 and which constituted building fund stated to have been collected by the assessee from the donors. The consideration before the Commissioner was whether the receipt of the amount shown as building fund represents income and/or a donation given for establishment of the capital asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer to redo the same afresh after considering all issues raised herein above and after affording an opportunity of being heard to the assessee. 5. The assessee filed I.T.A No.20/Coch/2017 before the Tribunal questioning the directions issued by the Commissioner of Income Tax (Exemptions) under Sec.263 of the Act, directing reopening of assessment and redoing the assessment for the assessment year 2010-11 afresh. The Tribunal through the order in Annexure-C allowed the appeal filed by the assessee. The Tribunal on the consideration of building fund by the assessee whether constitutes corpus donation, has recorded the following findings: 5.5 In view of the judgment of the Hon'ble Apex Court in the case of Alagendian Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before it for the first time. 5.7 Even on merits, we find that the amount received by the assessee was voluntary in nature and the donors had specifically mentioned that their donations are towards infrastructure development. A copy of the specimen letters from the donors confirming their voluntary contribution and partaking the nature of corpus of the trust, is enclosed at page 65 of the paper book filed by the assessee. A copy of the receipt issued by the assessee is also enclosed at page 66 of the paper book filed by the assessee. The building fund is capital in nature and forming part of corpus of the trust. The words Corpus Fund are not defined in the Income-tax Act. Normally, Corpus Fund denotes a permanent fund separately a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e invalid by holding that contributions to the building fund amounting to ₹ 20891000 are in the nature of corpus donations especially when there are no specific directions from the donors regarding the quantum of contributions to be part of the corpus of the trust or institution as required u/s 11(1)(d) of the IT Act ? 7. Mr. Christopher Abraham argued substantially on the very lines which found favour with the Commissioner of Income Tax (Exemptions) for setting aside the assessment order dated 10.03.2015 and directing reassessment by the Assessing Officer. 8. We are of the view that the grounds canvassed in support of the substantial questions are not touching upon the reasons weighed with the Tribunal for interdicting the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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