ITAT Exempts corpus donation of Gold for art gallery of temples u/s 11(1)(d) 

Shree Swaminarayan Bhagwan Vs ITO (ITAT Ahmedabad) Introduction: In a significant decision, the Income Tax Appellate Tribunal (ITAT) in Ahmedabad ruled in favor of Shree Swaminarayan Bhagwan, a religious trust, providing tax exemption on a gold donation it received. The decision was based on the stipulations outlined under Section 11(1)(d) of the Income Tax Act, considering the gold donation as corpus donation since it was used for the specific purpose of preparing an art gallery depicting the life and teachings of Bhagawan Swaminarayan. Analysis: The case primarily revolved around whether the...