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Corpus donation cannot be treated as part of Income & Expenditure
Case Law Details
- Case Name
- Swami Keshwanand Sikshan Sansthan Vs CIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Jaipur
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Swami Keshwanand Sikshan Sansthan Vs CIT (ITAT Jaipur)
We observe that the fund in question is a capital fund/corpus fund therefore, it is out of preview of the provisions of section 11(2) of the Act. Section 11 of the Act deals with the utilization of income of a trust. This section is not having any provision about the utilization of corpus donation/fund like general fund or other receipts. The amount so received to the assessee is a Corpus fund / donation, therefore is out of preview of the provisions of section 11(2) of the Act. Therefore, we are of the view that any amoun...
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