Voluntary donations received by registered trust are capital receipts: ITAT Ahmedabad

ITO Vs Skill Development Society (ITAT Ahmedabad) ITAT Ahmedabad held that amount of corpus of donations i.e. voluntary donations received by trust registered under section 12A are considered as capital receipts and hence not chargeable to Income Tax Act. Accordingly, appeal of revenue dismissed. Facts- The assessee i.e. Skill Development Society is a public charitable trust registered/approved under the provisions of Section 12A/12AA of the Income Tax Act, 1961. During the relevant assessment year 2019-10, the assessee did not have any income except the amounts received by way of voluntary co...