Corpus donations received by unregistered Trusts are not taxable

T.R. Gupta Public Charitable Trust Vs CIT (Exemptions) (ITAT Amritsar) ITAT held that Corpus donations received by Trusts, which is not registered u/s.12A/12AA of Income Tax Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment the donations are given to ‘Corpus of the Trust’. We find the provisions of section 2(24)(iia)/12(1)/11(1)(d)/35/56(2) are relevant for deciding the current issue. It is a settled legal proposition, in case of a registered Trust under the Income-Tax Act, the corpus specific Voluntary Contributions are outside the scope of...