https://www.taxtmi.com/highlights?id=56651 Exemption u/s 11 - hundi receipts embedded with specific purpose of corpus donation u/s. 11(1)(d) - The foregoing legal maxim also does not apply here. The clinching fact that emerges here is that assessee's 'hundi' receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the 'Endowment Act' duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law. - AT en-us Tue, 09 Feb 2021 10:38:53 +0530 Tue, 09 Feb 2021 10:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56651 Exemption u/s 11 - hundi receipts embedded with specific purpose of corpus donation u/s. 11(1)(d) - The foregoing legal maxim also does not apply here. The clinching fact that emerges here is that assessee's 'hundi' receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the 'Endowment Act' duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law. - AT Highlights Income Tax Tue, 09 Feb 2021 10:38:53 +0530 https://www.taxtmi.com/highlights?id=56651