Verified corpus donation not taxable even if received by trust not registered u/s 12AA

Guru Govind Singh Educational Society Vs ITO (ITAT Amritsar) ITAT Amritsar held that corpus donation received by trust not holding the registration u/s 12AA is not taxable provided the same is verified. Accordingly, matter remitted back to AO for verification of corpus donation. Facts- The assessee is an educational society and running school in the name and style of G.N. Convent School, Village, Bhaloor, Distt. Moga. During assessment proceeding, AO found that the assessee received corpus fund amounting to Rs.97,42,782/-. The investigation was carried out by AO against the investment of corpu...