Corpus specific voluntary donations not taxable in case of unregistered trust

Nandkishor Education Society Vs ACIT (ITAT Pune) Tribunal, in the case of Serum Institute of India Research Foundation (supra) decided the issue as to whether the corpus donation received by the Trust, though not registered u/s. 12AA of the Act is taxable are not. The Tribunal in the said case placed reliance in the case of Chandraprabhu Jain Swetamber Mandir reported in 82 taxmann.com 245 (Mumbai-Trib.) which in turn, by placing reliance in various decisions held the voluntary contributions received towards the corpus of trust cannot be brought to tax in view of their capital in nature. On a ...