https://www.taxtmi.com/caselaws?id=210710 The High Court ruled in favor of the assessee, upholding decisions of the Appellate Authorities and the Tribunal. The judgment dismissed the appeal on merits and rejected the application for condonation of delay, citing insufficient cause under section 5 of the Limitation Act. The treatment of contributions towards the corpus fund as income for tax purposes was disputed, with the court holding that even if the corpus fund is misused, it cannot be treated as income. The jurisdiction under section 254(2) of the Act was also discussed, with the court stating that exercising jurisdiction in this case would amount to reviewing the Apex Court's judgment. en-us Mon, 05 Sep 2011 00:00:00 +0530 Thu, 16 Feb 2012 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210710 The High Court ruled in favor of the assessee, upholding decisions of the Appellate Authorities and the Tribunal. The judgment dismissed the appeal on merits and rejected the application for condonation of delay, citing insufficient cause under section 5 of the Limitation Act. The treatment of contributions towards the corpus fund as income for tax purposes was disputed, with the court holding that even if the corpus fund is misused, it cannot be treated as income. The jurisdiction under section 254(2) of the Act was also discussed, with the court stating that exercising jurisdiction in this case would amount to reviewing the Apex Court's judgment. Case-Laws Income Tax Mon, 05 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210710