Sale proceeds of Flags on Women’s Day Pursuant to govt. order are capital receipts

Brief Facts of the Case and Question

Brief Facts: Assessee is running a residential school at Kittur. Assessee is a charitable trust within the meaning of sec. 2(15) of the Act claiming exemption u/s.11. Assessing Officer found that the assessee has received a sum of Rs. 29,03,109/- on account of sale of Women’s Day Flags and the same has been credited to the capital fund and he treated the same as revenue receipt. On Appeal Honourable ITAT has held that  sale proceeds

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