corpus fund could explain the source of
fund towards investment in mutual fund. It is pertinent to mention here that
the corpus fund has been ... effect of forming
corpus, the assessee failed to produce the same.
In view of the above, the corpus fund equivalent
confirmation of Settlors towards contribution to corpus fund were furnished.
On perusal of the said documents, it was observed that as per deed of trust ... come into existence in view of the
fact that the initial corpus fund of Rs 9 lacs was not brought in by the settlors
Luxmi Township Ltd. The assessee had treated this donations as towards corpus
fund. There was no evidence to suggest that this donation was towards corpus ... this donation could be taken as donation towards corpus
fund. According to CIT if the donation is not regarded as donation towards corpus fund
then
Executive Committee
meeting, the fund was set apart as Corpus Fund. As such, the
claim of donation of Rs.32,33,240/- as corpus ... instant
case, the assessee had duly made the claim of corpus donation
qua corpus fund by way of a computation filed during the
assessment proceedings
filed, wherein, the opening balance of the corpus fund
has been mentioned as Rs.4,48,23,001/-. On being asked to explain in
this ... demonstrated before the Assessing Officer that the closing balance of
the corpus fund as on 31.03.2012 was the opening balance as on
01.04.2012, which
expenses amounting to Rs.13,96,826/-
incurred out of the corpus funds were incorrectly
treated as application of income.
c. The accumulation ... Exemption) was not correct.
c. The application of corpus funds for charitable purpose
was correctly accounted for as application of income,
and, ld. CIT(Exemption
routing through I/E accounts and taken to the liability as corpus fund in
the A.Y. 2016-17 only without having any reflection ... admission fees, academic improvement fund and development fund
collected by the assessee were not qualified under the corpus donation
and could not be treated
admission fees of Rs.
17,50,000/- received by it as corpus funds to the reserve fund and claimed exemption ... that as per section 12(1) of
the Act, donation towards corpus funds of a charitable institution shall be excluded from
voluntary contribution and such
subsidies should henceforth be sent to the Member Associations
towards "corpus funds". There is no dispute that the TV subsidy in question ... obligation and with a specific direction that it shall be for corpus
fund- as admittedly the present receipt is, is required to be treated
earned interest income amounting to Rs.91.37 lacs on corpus
funds and Rs.27.3 lacs on 'other earmarked funds ... interesl accrued
on corpus fund would be corpus in nature. However, the treatment towards interest on
corpus fund being revenue in nature in accepted accounting
