https://www.taxtmi.com/caselaws?id=214004 Genuine transactions supported by contemporaneous records did not trigger section 13(1)(c) read with section 13(2), so exemption under sections 11 and 12 was not denied on the alleged plot payments, interest and rent entries, or advances to the educational society. Corpus donations supported by confirmation, banking trail and identifying particulars were not added under section 68, and corpus receipts from other donors retained their character once the exemption challenge failed. Development fund receipts collected from students were treated as income, while depreciation on assets acquired from application of trust income was held allowable on commercial principles. en-us Mon, 30 Apr 2012 00:00:00 +0530 Thu, 14 Jun 2012 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214004 Genuine transactions supported by contemporaneous records did not trigger section 13(1)(c) read with section 13(2), so exemption under sections 11 and 12 was not denied on the alleged plot payments, interest and rent entries, or advances to the educational society. Corpus donations supported by confirmation, banking trail and identifying particulars were not added under section 68, and corpus receipts from other donors retained their character once the exemption challenge failed. Development fund receipts collected from students were treated as income, while depreciation on assets acquired from application of trust income was held allowable on commercial principles. Case-Laws Income Tax Mon, 30 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214004