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7.4 I note that at the relevant time the specified percentage was 25% or Rs.

10,000/- whichever is higher. However by the Finance Act 2002 w.e.f.

01.04.2003 it is only in excess of 15% which could be taxed, which in the instant case is only of Rs. 13,03,859/- and that too not out or any income but form the corpus donation which is not an income. In view of the above, I am of the considered view that assessee has received and reflected in the books the corpus donations, which has not been disputed by the AO as corpus donation to the trust, it being not the income and in any excess of receipts over expenditure which is less than 15% of receipt cannot any stretch be brought to tax. It is also not a case where there was any income from any source and hence the AO has erred in failing to appreciate that in any case it being a trust, the excess of income over expenditure since did not exceed 15% of the receipt, the same i.e. Rs. 13,03,859/- is not a part of total income as is statutorily provided and lastly that the assessee being a trust the corpus donation is not taxable and in the absence of any income of the trust income assessed is contrary to the provisions of section 5 of the I.T. Act. I also note that lower authorities has overlooked that the assessee admittedly is a charitable institution and have been formed with the charitable objects and that is how registration u/s. 12A of the Act was granted. In the instant year the assessee trust in the absence of corpus donation which is not an income applied such corpus donation to achieve the aims and objects of the trust. It is a case where it would be seen that what the AO had taxed was a capital receipt and otherwise too even if the same was held to be income then too the excess of receipts was than 15% of receipts and in the absence of there being any income such excess is outside the scope of total income. I further note that Ld. CIT(A) at page no. 5 in para no. 6 of his impugned order has observed that assessee trust has carried out extensive research on topics ranging from India's educational systems, India's scientific achievements, Indian Philosophy, India music and dances and travel in India with a view to develop programme content for lectures and workshops, TV programmes on digital video tapes as well as for publishing content through print platform like journals etc. Numerous workshops and lectures were organized all over India, yet went on to hold it is not engaged in any charitable acitivity, which is contrary to the judgement of the Hon'ble Supreme Court of India in the case of Sole Trustee Loka Shiksha Trust vs. CIT reported in 101 ITR 234 at page 237. I also note that in the pecedeing year nor in the succeeding year any income by way of donation, had been brought to tax. Hence, the assessment made by the AO and sustained by the Ld. CIT(A) is not tenable and hence, the same are cancelled and appeal of the assessee is allowed.