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Corpus Fund Withdrawal Not Taxable When Used for Charitable Objects: ITAT Chennai
Case Law Details
- Case Name
- DCIT (Exemptions) Vs ICICI Foundation for Inclusive Growth (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chennai
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DCIT (Exemptions) Vs ICICI Foundation for Inclusive Growth (ITAT Chennai)
ITAT Chennai Upholds Exemption of Corpus Withdrawals and Deletes Ad-hoc Disallowance of Administrative Expenses
The Chennai Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) deleting (i) the addition of ₹19.34 crore made by treating withdrawal from corpus fund as income, and (ii) the ad-hoc disallowance of ₹5.30 crore towards administrative expenses for AY 2012-13. The assessee, a charitable trust registered u/s 12AA and approved u/s 80G, had received corpus donations which were ac...
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