Dismissing the appeal the Court held that period of limitation commences from date of original assessment and not from date of reassessment. Revision barred by limitation. Court also held that the nature of receipt was building donation fund or corpus fund received by the assessee for the purpose of building fund. The Tribunal was right in holding that the contributions to the building fund were in the nature of corpus donations. (AY. 2010-11)
CIT(E) v. Choice Foundation (2022) 440 ITR 106 / 285 Taxman 48 (Ker.)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limitation-Reassessment-Period of limitation commences from date of original assessment and not from date of reassessment- Revision barred by limitation-Donation to corpus fund-Capital in nature. [S. 11(1)(d), 11(5), 143(1),147, 148, 263(2)]