Corpus donations being capital in nature is not taxable

DCIT Vs Saraswati Education Sansthan (ITAT Ahmedabad) ITAT Ahmedabad held that corpus donations are capital in nature and hence cannot be added to the income of the assessee and hence not taxable. Facts- The assessee is a trust engaged in educational activities. The return of income for the impugned year had been filed by the assessee showing NIL income. During assessment proceedings, AO noted that the assessee had not been granted registration as a Charitable Trust u/s. 12 of the Act and was therefore not eligible to claim its income as exempt as per the provisions of Section 11 of the Act. A...