Income tax Officer vs. Veer Kunwar Singh Shodh Sansthan

Parties Involved

Facts Summary

The assessee, M/s. Veer Kunwar Singh Shodh Sansthan, is a public charitable trust registered under section 12A of the Income-tax Act, 1961. The trust was created for the relief of the poor and to promote science, art, and culture. The assessee e-filed the original return on 28.10.2018 for A.Y 2018-19 declaring total taxable income of Rs. NIL. The case was selected for complete scrutiny through CASS and notice u/s 143(2) of the Act dated 23.09.2019 was served upon the assessee. The AO noticed Rs.2,92,17,939.56/- as Opening Balance and corpus donation of Rs.6,83,500/- in the Building Fund on the liability side of the Balance Sheet. The AO added these amounts u/s 143(3). Aggrieved, the assessee appealed before the ld. CIT(A) who gave partial relief. Aggrieved by the order of the ld. CIT(A), the Revenue is in appeal before the Tribunal.…

Legal Issues

• 1. Addition of Rs. 2,92,17,939/- in the Building Fund
• 2. Addition of Rs. 6,83,500/- as corpus donation

Judgment Outcome

Decided in favour of Assessee.

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