Development fee, taken to corpus fund, allowable as capital receipt

Maharishi Markandeshwar Trust Vs ACIT (ITAT Delhi) Held that the development fees received from students for acquisition of Fixed Assets and utilized for acquisition of Capital Assets, taken directly to corpus fund, is allowed as capital receipt Facts- The assessee has been running various Educational Institutes in various fields such as medical, engineering, law, management etc. Annual fees, charges and Development funds are collected by the Institutions under the Trust. AO observed that the appellant has received a development fee in addition to tuition fees from all the students on a compu...