Exemption u/s 11 - Corpus Donation - the corpus fund donated to ...

Corpus Fund Exempt u/s 11; Should Be Shown on Balance Sheet, Not in Income & Expenditure Account.

July 23, 2021

Case Laws Income Tax AT

Exemption u/s 11 - Corpus Donation - the corpus fund donated to the assessee cannot be included in the income and expenditure account but has been rightly shown by the assessee in its liability side of the Balance Sheet since the nature of the receipt is capital in nature. Therefore, the assessee succeeds and we allow the claim of the assessee and overturn the decision of the authorities below. - AT

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Exemption u/s 11 - Corpus Donation - the corpus fund donated to ...

Corpus Fund Exempt u/s 11; Should Be Shown on Balance Sheet, Not in Income & Expenditure Account.

July 23, 2021

Case Laws Income Tax AT

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