Voluntary contributions deemed income under Section 12(2), so receiving trusts must satisfy Section 11 exemption conditions. The Board and Ministry conclude that the expression 'such contributions' must be read widely to include voluntary donations that form part of a receiving trust's corpus; such contributions are therefore governed by the exemption conditions applicable to income from trust property, including restrictions on accumulation and the obligation to apply funds to charitable purposes in India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Voluntary contributions deemed income under Section 12(2), so receiving trusts must satisfy Section 11 exemption conditions.
The Board and Ministry conclude that the expression "such contributions" must be read widely to include voluntary donations that form part of a receiving trust's corpus; such contributions are therefore governed by the exemption conditions applicable to income from trust property, including restrictions on accumulation and the obligation to apply funds to charitable purposes in India.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
