Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Corpus donations were held exempt under section 11(1)(d) because the decisive factor is the donor's specific direction, not whether the trust deed separately authorises acceptance of such contributions. The donor letters described the receipts as corpus donations, and the Revenue did not dispute their genuineness or show diversion from the trust's objects. The Tribunal also applied consistency, noting that similar receipts had been accepted in later years on the same facts. As corpus receipts were excluded from income, the alleged shortfall in application of income could not survive; in any event, Form No. 9A had been filed before completion of assessment, supporting accumulation relief.
Corpus donations were held exempt under section 11(1)(d) because the decisive factor is the donor's specific direction, not whether the trust deed separately authorises acceptance of such contributions. The donor letters described the receipts as corpus donations, and the Revenue did not dispute their genuineness or show diversion from the trust's objects. The Tribunal also applied consistency, noting that similar receipts had been accepted in later years on the same facts. As corpus receipts were excluded from income, the alleged shortfall in application of income could not survive; in any event, Form No. 9A had been filed before completion of assessment, supporting accumulation relief.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
