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Corpus fund utilised for purchase of capital asset cannot be added to Income of Trust
Case Law Details
- Case Name
- CIT (Exemption) Vs Om Prakash Jindal Gramin Jan Kalyan Sansthan (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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CIT (Exemption) Vs Om Prakash Jindal Gramin Jan Kalyan Sansthan (Delhi High Court)
1. Present appeal has been filed challenging the order dated 03rd September, 2019 passed by the Income Tax Appellate Tribunal (hereinafter referred to as ‘ITAT’) in ITA No. 6012/Del./2015 for the Assessment Year 2010-11.
2. Learned counsel for the Appellant states that the ITAT has erred in upholding the order of CIT(A) allowing the utilization of corpus fund of Rs.19 crore towards revenue expenditure as application of income under Section 11(1)(d) of the Income Tax Act, 1961 (hereinafter referred to as ‘t...
