https://www.taxtmi.com/caselaws?id=421663 The Court upheld the ITAT's decision allowing the utilization of corpus funds for revenue expenditure under Section 11(1)(d) of the Income Tax Act, 1961. It emphasized that the corpus fund was used to purchase a capital asset, which is exempt. The Court referred to a previous judgment emphasizing the substance of the transaction over the form, stating that donations specified as part of the corpus are not taxable income. The appeal was dismissed as no substantial legal question arose, highlighting the importance of considering the actual use of funds in determining tax implications for charitable trusts. en-us Tue, 26 Apr 2022 00:00:00 +0530 Thu, 23 Jun 2022 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421663 The Court upheld the ITAT's decision allowing the utilization of corpus funds for revenue expenditure under Section 11(1)(d) of the Income Tax Act, 1961. It emphasized that the corpus fund was used to purchase a capital asset, which is exempt. The Court referred to a previous judgment emphasizing the substance of the transaction over the form, stating that donations specified as part of the corpus are not taxable income. The appeal was dismissed as no substantial legal question arose, highlighting the importance of considering the actual use of funds in determining tax implications for charitable trusts. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421663