Wednesday, August 22, 2018

Specific corpus donation was capital receipt irrespective of fact that trust wasn't registered u/s 12A

IT : Corpus donations received by assessee-trust with specific directions by donors to be applied towards specific purpose for which respective fund was created would be treated as capital receipts; therefore, same could not be brought to tax, despite fact that assessee-trust was not registered under section 12A

from www.taxmann.com Latest Case Laws https://ift.tt/2w5lUJ3

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...