https://www.taxtmi.com/caselaws?id=401377 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order directing the AO to treat donations received from sister trusts as corpus donations under section 11(1)(d) of the Income Tax Act. It emphasized that corpus donations are capital receipts and not taxable. The amendment to section 11(1)(d) by the Finance Act, 2017, was deemed prospective and not applicable to the relevant assessment year. The Tribunal stressed the significance of specific directions from donors and the necessity for the AO to conduct proper inquiries into the nature and sources of donations. en-us Thu, 03 Dec 2020 00:00:00 +0530 Fri, 04 Dec 2020 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401377 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order directing the AO to treat donations received from sister trusts as corpus donations under section 11(1)(d) of the Income Tax Act. It emphasized that corpus donations are capital receipts and not taxable. The amendment to section 11(1)(d) by the Finance Act, 2017, was deemed prospective and not applicable to the relevant assessment year. The Tribunal stressed the significance of specific directions from donors and the necessity for the AO to conduct proper inquiries into the nature and sources of donations. Case-Laws Income Tax Thu, 03 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401377