Assessee-trust, running educational institutions, claimed exemption under section 11. Pursuant to search under section 132, cash and gold jewellery were seized from college premises and residence of managing trustees. Statement of a managing trustee was recorded under section 132(4) stating that capitation fees were collected for management quota admissions. Slips containing details of students admitted under management and government quotas were seized. Based on seized material and statements, AO made additions on presumption, including capitation fees collected from students, unaccounted cash, and excess income as per the Income and Expenditure Account as per the proviso to section 164(1), assessing total income at a certain amount. Tribunal deleted the addition on appeal the Court held that since slips relied upon by the Department had nothing to do with accounts and were only information about students and the category under which they got admitted, they did not fall within the definition of books of accounts as defined under section 2(12A). Further, to draw a statutory presumption, a sworn statement of one of the managing trustees, which remained uncorroborated, would not lead to a presumption that the assessee had collected a sum of a certain amount from students who joined under management quota for Engineering. Therefore, material placed by Department was not sufficient to draw a statutory presumption under sections 132(4) and 132(4A) and accordingly, capitation fee as found in assessment order was unsustainable. Order of Tribunal is affirmed.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Educational institutions-Capitalisation fees-Search and seizure-Books of account-Sworn statement-Order of Tribunal deleting the addition was affirmed. [S.2(12A), 68, 132(4), 132(4A), 164(1), 260A]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65198","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gXA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65198","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=65198"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65198\/revisions"}],"predecessor-version":[{"id":65199,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65198\/revisions\/65199"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}