The Assessing Officer held that the sums so received and accumulated ought to have been routed through the income and expenditure account and ought not to have been transferred directly to the balance-sheet. An addition was made as\u00a0 income. On appeal\u00a0 the Commissioner (Appeals) deleted the addition. On further appeal\u00a0 the Tribunal held that\u00a0 since there was a categorical finding that the sum under the Swachh Bharat Abhiyan Scheme had been routed through the income and expenditure account. Order of CIT(A) is affirmed. Assessee\u00a0 received funds from public sector undertakings and then disbursed them as per the requirements of the State Government. It contended that these funds never formed a part of the income of the assessee as the assessee was not the owner of those funds but merely facilitated their collection and disbursal. Any balance in the relevant bank account after the rehabilitation work was complete was to be returned to the respective public sector undertakings.\u00a0 The AO assessed as income. CIT(A) deleted the addition. On appeal the Tribunal held that the assessee was not the owner of the funds received from the public sector undertakings in relation to the relief and rehabilitation work in Uttarakhand. Order of CIT(A) is affirmed.(AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Accumulation-Not routed through income and expenditure Account-Addition is deleted-Nodal agency for rebuilding portions of the State of Uttarakhand affected by floods-Income-Received funds for rebuilding flood-hit State-Utilised funds as per requirements of State Government-Balance remaining after work repayable to payer-Assessee is not owner of funds-Funds not income-Addition is deleted.[S. 4, 11(2)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-49955","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cZJ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=49955"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49955\/revisions"}],"predecessor-version":[{"id":49956,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49955\/revisions\/49956"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}