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2014 (10) TMI 1033 - AT - Income TaxExemption u/s 11 - Corpus donation - whether is taxable as income or not even in the cases in which the trust is not registered under section 12AA ? HELD THAT:- As decided in M/S. GAUDIYA GRANTH ANUVED TRUST [2013 (8) TMI 875 - ITAT AGRA] corpus donation is in the nature of a capital receipt and are not taxable, irrespective of the fact whether the trust is registered under section 12AA or not. CIT (Appeals) considering the material on record gave a specific finding of fact that the assessee society was meant for charitable and religious purposes and was totally devoted to the Buddhist temple/monastery in the year under consideration. The assessee was thus at the stage of construction of the temple and has not carried out any other profession or occupation for earning the income. Therefore, no income accrues to the assessee. The assessee has also specifically pleaded that the donations were received as corpus towards the construction of the temple. Therefore, the learned CIT (Appeals) was justified in holding that there is no receipts in the hands of the assessee in the nature of income - Decided against revenue.
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