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TMI Blog2019 (9) TMI 1644X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITA No.6012/DEL/2015 [Assessment Year: 2011-12] - - - Dated:- 3-9-2019 - SHRI SUCHITRA KAMBLE, JUDICIAL MEMBER, AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER, Appellant by Shri Samar Bhadra CIT-DR Respondent by Shri V. K. Tusian, CA ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER This appeal is filed by the Revenue against the order of the Ld. CIT(A)- 40(Exemption), New Delhi, dated 27/08/2015 for Assessment Year 2011-12. 2. Grounds of appeal are as under:- 1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in ignoring the fact that in the absence of written direction from the donor, the donation will not be treated as corpus donation and consequently, from part of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... life skill and employment general program, youth and sports development and governance reforms etc. During the assessment proceedings the Assessing Officer had treated the society as an AOP not a charitable society and computed all the taxes as normal AOP vide the order of the Assessing Officer. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) allowed the appeal of the assessee. 5. The Ld. DR submitted that the CIT(A) ignored the fact that in the absence of written direction from the donor, the donation will not be treated as corpus donation and consequently, from part of the income of the organization. The CIT(A) ignored the fact that assessee being a separate entity can be earmarke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n accounting entry. There is no transfer of fund by this entry, it is well settled that substance prevail over form. Merely making an accounting entry does not change the substance of the transaction that the Corpus Fund has been utilized for Purchase of Capital Asset. 4.6 The appellant relies upon the case laws which have been perused and found that if an amount received as voluntary contribution towards the advancement of Charitable activities with the specific direction it will form part of the Corpus Fund and it will not lose exemption even if it is spent by the trust for meeting its expenses. The addition made by the AO without judicious appreciation of the facts and the position of law and therefore it is deleted. Thus, the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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