https://www.taxtmi.com/caselaws?id=62932 The Tribunal allowed the assessee's appeal, ruling that the sum received from NAFED was not taxable for the assessment year as it constituted capital for the foundation's activities. The Tribunal determined that the contributions were capital receipts and not taxable income, emphasizing the specific direction that the contributions were towards the corpus. Consequently, the issues regarding interest levy and penalty proceedings were not addressed in detail. en-us Mon, 31 Jul 1989 00:00:00 +0530 Mon, 24 Jan 2011 17:32:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62932 The Tribunal allowed the assessee's appeal, ruling that the sum received from NAFED was not taxable for the assessment year as it constituted capital for the foundation's activities. The Tribunal determined that the contributions were capital receipts and not taxable income, emphasizing the specific direction that the contributions were towards the corpus. Consequently, the issues regarding interest levy and penalty proceedings were not addressed in detail. Case-Laws Income Tax Mon, 31 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62932