Home Highlights April 2014 Year 2014 This

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1. Corpus donations, being distinct from incomes derived from trust property, are granted exemption separately u/s 11(1)(a) and 11(1)(d) of the Act. There is no overlapping...

2. Exemption u/s. 11(1)(d) - contributions received from students towards development and welfare funds of the school - voluntary contribution or otherwise - The ITAT...

3. Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

4. The development fund received from students, apart from tuition fees, is treated as a capital receipt or corpus donation, not a revenue receipt. The fund is utilized for...

5. Exemption u/s 10(23C) or u/s 11 - The assessee is not entitled for exemption u/s 11 in case it collected any money by whatever name it is called i.e., donation,...

6. Exemption u/s 11 - donation received - if it is taken that the said fund was for infrastructural development or to say it was towards corpus fund of the trust, still as...

7. 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...

8. Revision u/s 263 - assessment of trust - donations given out of accumulated funds u/s. 11(2) of the Act of earlier previous years - The Tribunal noted the argument that...

9. Exemption u/s 11 - Educational activiity u/s 2(15) - CIT-A treated the income from recording studio as business income under section 11(4A) treating the income from...

10. The CBDT has issued a circular which addresses conditions under which income from specific funds, trusts, institutions, universities, educational, or medical...

11. Exemption u/s 11 - Corpus donation receipt - the donations/voluntary contributions received by the appellant society are outside the taxations, even for the period prior...

12. Denial of exemption u/s 11 was challenged. The assessee trust's entire income, including corpus donation, voluntary donation, and other income, was adjusted by not...

13. Registration u/s 80G(5)(vi) - charitable activities and utilization of funds - deduction from total income on donations to be made available to donors based on such...

14. Exemption u/s 11 - Violation of section 13 - Surplus fund not applied for charitable purpose - accumulation of funds - AO directed to o grant exemption to the assessee...

15. Eligibility for exemption u/s 10(23C) (iiiab) - The assessee is not entitled for exemption either u/s 11 or u/s 10(23C) in case it collected any money by whatever name...