https://www.taxtmi.com/caselaws?id=26692 The court held that donations specifically designated for the corpus of a trust are not taxable income under Section 12(2) of the Income-tax Act. However, the net consideration received from the sale of shares to redeem encumbrance did not constitute acquisition of a new capital asset under Section 11(1A). The court ruled against the assessee on this issue, favoring the Revenue, and remanded the matter to the Tribunal for computation of capital gains, with no order as to costs. en-us Thu, 05 Sep 1985 00:00:00 +0530 Sat, 06 Feb 2010 18:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26692 The court held that donations specifically designated for the corpus of a trust are not taxable income under Section 12(2) of the Income-tax Act. However, the net consideration received from the sale of shares to redeem encumbrance did not constitute acquisition of a new capital asset under Section 11(1A). The court ruled against the assessee on this issue, favoring the Revenue, and remanded the matter to the Tribunal for computation of capital gains, with no order as to costs. Case-Laws Income Tax Thu, 05 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26692