JM Financial Foundation v. CIT (Mum) ( Trib ) www.itatonline .org

S. 263: Commissioner – Revision of orders prejudicial to revenue – CSR funds received – Specific projects – Not income of the trust – sustainable view taken by the Ld. AO – Order of revision set aside. [S. 2(24), 11 ]

Where the Ld. Assessing Officer (AO), inter alia, had relied on the decision of the Hon’ble Delhi High Court in the case of DIT v. Society for Development Alternative 18 taxmann.com 364 (Delhi)(HC) and held that the CSR funds received were specific tied up grants for development of a project of a capital nature, and hence cannot be considered for application of 85 percent of income during the year under consideration. The view taken by the Ld. AO was a sustainable view, therefore the Ld. CIT(E) is not justified in holding that the order of the Ld. AO as erroneous.  (ITA 697-698/MUM/2021 dated January 01, 2022.)  (AY.  2015-16 & 2016-17)