Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same...

Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same should have utilized for that purpose only and if depreciation is charged, depreciation should be reduced from the corpus fund as well as from the fixed assets. Whereas the assessee has reduced from the current year’s receipts - Since the society is not registered u/s 12A/12AA of the Act, in our considered view, the AO/CPC has right in making the addition treating the corpus fund receipts/donations as income and the CIT(A) has confirmed the same by analyzing the issue elaborately. - AT .....

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