Corpus donation towards building fund not chargeable to tax

Das Bahuuddeshy Vishwast Sanstha Vs Exemption Ward (ITAT Pune) It is seen as an admitted position that the assessee received a sum of Rs.15.00 lakh from one of its trustees, which amount was spent on building construction of the school. The case of the assessee is that the amount was a corpus donation and hence, not chargeable to tax, which has been jettisoned by the authorities by treating it as a chargeable receipt. Admittedly, the amount was not taken to Income and Expenditure Account but was taken straightaway to the balance sheet. During the course of assessment proceedings it was categor...