Corpus donation towards building fund not chargeable to tax

Das Bahuuddeshy Vishwast Sanstha Vs Exemption Ward (ITAT Pune)

It is seen as an admitted position that the assessee received a sum of Rs.15.00 lakh from one of its trustees, which amount was spent on building construction of the school. The case of the assessee is that the amount was a corpus donation and hence, not chargeable to tax, which has been jettisoned by the authorities by treating it as a chargeable receipt. Admittedly, the amount was not taken to Income and Expenditure Account but was taken straightaway to the bal

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