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2016 (11) TMI 1041 - AT - Income TaxTaxability of Corpus donations receipt - scope of total income u/s 2(24)(iia) - unregistered trust u/s 12AA - Entitlement to exemption u/s 11 - Held that:- The Income-tax Appellate Tribunal, Chennai in Indian Society of Anaesthesiologists v. ITO in decision reported in [2014 (5) TMI 1031 - ITAT CHENNAI] held that specific funds created for fulfilling specific objectives for which these separate funds are constituted remain as capital funds as the funds can be used for fulfilling specific objectives for which these funds are constituted and hence to be treated as corpus funds and to be excluded from computation of income. The Income-tax Appellate Tribunal, Bangalore in ITO v. Vokkaligara Sangha in a decision reported in [2015 (8) TMI 920 - ITAT BANGALORE ] whereby the Tribunal held that voluntary contributions received for a specific purposes cannot be regarded as income under section 2(24)(iia) of the Act since they were capital receipts being corpus fund and tied up grants for specific purposes Corpus donations received by the assessee-trust cannot be brought to tax despite the fact that the assessee-trust was not registered under section 12A/12AA of the Act.
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