Voluntary Contributions for Specific Purpose Not Income Under Section 2(24)(iia)

ITO (Exemptions) Vs Hosanna Ministries (ITAT Visakhapatnam) In a significant ruling for charitable and religious institutions, the Income Tax Appellate Tribunal (ITAT) Visakhapatnam bench has dismissed appeals filed by the Income Tax Department, affirming that contributions received towards the corpus of a society are capital receipts and not taxable income, even if the society is not registered under Section 12A or 12AA of the Income Tax Act, 1961 during the relevant period. The consolidated order, covering Assessment Years 2014-15 and 2016-17, pertains to the appeals filed by the Income Tax ...