Corpus donations received with specific directions remain capital receipts and cannot be taxed merely because exemption was claimed under Section 10(23C)(vi) instead of Section 11.
Corpus donations received with specific directions remain capital receipts and cannot be taxed merely because exemption was claimed under Section 10(23C)(vi) instead of Section 11. Issue Whether voluntary contributions received with a specific direction to form part of the corpus of an educational institution can be treated as taxable income solely because the assessee claimed… Read More »