Case Law Details
Case Name : Asst. Commissioner of Income-tax Vs Vidya Jyoti Trust (ITAT Cuttack)
Related Assessment Year :
Courts :
All ITAT ITAT Cuttack
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Corpus fund is the property of the Trust. The donors contributed the donations therefore could not form part of the income & expenditure account as prescribed by law. The development fees received later on was from students was to be identified by the assessee over and above the corpus funds when the students were made aware that they are contributing the amount apart from development fees, tuition fees, bus fees and other annual charges. The learned Counsel for the assessee before us has submitted that the development fees was received to contribute to the building when the committee seek...
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The higher authorities of IT has taken the issue very seriously and gave a good judgement.In the process the lower authorities of IT should not take it otherwise.
If a company could not spend the two percent of net profit under CSR in any particular year for various reasons can the amount be deposited in the foundation account exclusively formed for this purpose ? In such case how the IT dept will take that amount? Can the company show this amount both in income and expenditure?The foundation is of six years old and doing good CSR activities.
Pl reply if possible