Exemption Allowed as Corpus Donations Excluded from Annual Receipts U/s. 10(23C)(iiiad)

Sathyam Educational & Charitable Trust Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, considered two appeals filed by the assessee trust for Assessment Years 2014–15 and 2015–16 against orders of the Commissioner of Income Tax (Appeals), NFAC. Since the issues in both appeals were identical, they were disposed of through a consolidated order. The primary issue was denial of exemption under Section 10(23C)(iiiad) of the Income Tax Act on the ground that the assessee’s gross receipts exceeded ₹1 crore. The Assessing Officer (AO) included corpus donations alo...