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saswatabanerjeeYou are not liable to pay tax on the transaction as you were acting as an agent of the college due to extraordinary circumstances.
However, you better get it documented it properly.
In any case, you can expect query, notice or show-cause from the income tax department on the matter, so take the help of your trust's CA to be ready with the replies and justifications.
From India, Mumbai
nathraoUnusual and large transactions get reported by Banks as a routine.
Avoid mixing up official and personal transactions.
Best is open a separate bank account and deal college transactions only throught this account.
Question of IT for the transaction does not arise,but queries may arise as to nature of transaction.
From India, Pune