https://www.taxtmi.com/caselaws?id=403834 Hundi receipts recorded as donations with a specific direction to form corpus are treated as capital receipts, not regular income, where the surrounding material supports their corpus character. The analysis notes that the relevant state endowments law regards donations in cash or kind as capital contributions and not income of the institution, and that no material showed the receipts lost their capital character merely because they were later used for institutional expenditure. Applying the principle that special provisions prevail over general provisions, the text states that there was no repugnancy between the state law and income-tax law, and that exemption under section 11(1)(d) was available. en-us Fri, 29 Jan 2021 00:00:00 +0530 Tue, 09 Feb 2021 10:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403834 Hundi receipts recorded as donations with a specific direction to form corpus are treated as capital receipts, not regular income, where the surrounding material supports their corpus character. The analysis notes that the relevant state endowments law regards donations in cash or kind as capital contributions and not income of the institution, and that no material showed the receipts lost their capital character merely because they were later used for institutional expenditure. Applying the principle that special provisions prevail over general provisions, the text states that there was no repugnancy between the state law and income-tax law, and that exemption under section 11(1)(d) was available. Case-Laws Income Tax Fri, 29 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403834