ITA No. 253/CHD/2024

Parties Involved

Facts Summary

The assessee, M.R.S. Shri Prannath Parnami Education Society, has appealed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 14.01.2024, for the Assessment Year 2017-18. The assessee has challenged the deletion of an addition of Rs. 3,35,42,110/- made by the Assessing Officer (A.O.) by treating the amount shown to be received as corpus donation as voluntary donation received during the FY 2016-17 relevant to AY 2017-18. Additionally, the assessee has contested the genuineness of unsecured loans amounting to Rs. 42,00,000/- during the FY 2016-17 relevant to AY 2017-18. The A.O. had issued notices under section 133(6) of the Act to 8 donors out of 285, but only one response was received and found unacceptable. The Commissioner of Income Tax (Appeals) deleted the addition and the appeal was heard on 19.09.2024.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in deleting the addition of Rs. 3,35,42,110/- made by the A.O. by treating the amount shown to be received as corpus donation as voluntary donation received during the FY 2016-17 relevant to AY 2017-18.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in genuineness of unsecured loan amounting to Rs. 42,00,000/- during the FY 2016-17 relevant to AY 2017-18.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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