Is AO justified in deleting addition on account of corpus fund without routing the income through the profit and loss account?

Last updated: 23 July 2021
Quick Summary
This tribunal appeal concerns whether the Assessing Officer (AO) was justified in deleting an addition of over £146 million related to a corpus fund. The AO had argued that income from this fund should have been routed through the profit and loss account and treated as diverted income. However, the tribunal noted that this issue was covered by a previous decision in the assessee's own case for the 2009-10 assessment year.

Court :
ITAT Delhi

Brief :
The present appeal has been filed by the revenue against the order of ld. CIT(A)-32 , New Delhi dated 26 .10.2017.

Citation :
ITA No. 1622/Del/2018

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