Exemption u/s 11 - hundi receipts embedded with specific purpose ...

Income Tax

February 9, 2021

Exemption u/s 11 - hundi receipts embedded with specific purpose of corpus donation u/s. 11(1)(d) - The foregoing legal maxim also does not apply here. The clinching fact that emerges here is that assessee's 'hundi' receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the 'Endowment Act' duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law. - AT

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Exemption u/s 11 - hundi receipts embedded with specific purpose ...

Income Tax

February 9, 2021

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