Case Law Details
ACIT Vs Siddhartha Academy of General & Technical Education (ITAT Visakhapatnam)
Held that identity of the donors as provided u/s 115BBC of the Act has been established by the assessee. Accordingly, the donations cannot be categorized as anonymous donations and cannot be subjected to tax.
Facts-
The assessee is a Trust running educational institutions. The assessee filed its ROI for the A.Y. 2016-17 admitting total income of Rs. NIL. The case was selected for scrutiny and notice U/s143(2) and 142(1). AO noted that the assessee has received a corpus donation of Rs. 23,89,57,793/- out of which the assessee could not file the confirmation letters for Rs. 15,44,89,693/-. The AO treated Rs. 14,19,66,693/- as anonymous donation U/s. 115BBC. The AO also treated the amount of Rs. 82,52,086/- credited to the income and expenditure account as an anonymous donation U/s. 115BBC.
Aggrieved by the order of the AO, the assessee filed an appeal before CIT(A). The appeal was allowed by CIT(A). Aggrieved by the order of CIT(A), the revenue preferred the present appeal.
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