Section 11(1)(d) Exemption allowable to Corpus donations received by trust

N H Kapadia Education Trust Vs ACIT (Gujarat High Court) Conclusion: Corpus donations received by the trust was exempted under Section 11(1)(d) as the donation was bound to have been given for material gain in securing admission, the same could not be characterised as donation towards charitable purpose and admission fee charged from the students was forming part of the corpus of the Trust. Held: Assessee filed its return of income declaring its income at a loss of Rs. 60,84,191/-. It also filed revised return of income declaring its income at a loss of Rs. 5,68,80,691/-. The trust received do...