https://www.taxtmi.com/caselaws?id=302030 The High Court clarified that trust registration under Section 12AA is essential for claiming exemptions on corpus donations under Section 11(1)(d) of the Income Tax Act. The Court rejected arguments that corpus donations should be exempt without 12AA registration, emphasizing the interconnected nature of Sections 2(24)(iia) and 11(1)(d). The judgment highlighted the 2014 amendment mandating trust registration for tax benefits and upheld the Tribunal's decision to tax unregistered trust's corpus donations. The ruling underscores the necessity of proper regulation to ensure legitimate philanthropic contributions and prevent misuse of tax exemptions. en-us Fri, 30 Jul 2021 00:00:00 +0530 Sat, 30 Apr 2022 20:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302030 The High Court clarified that trust registration under Section 12AA is essential for claiming exemptions on corpus donations under Section 11(1)(d) of the Income Tax Act. The Court rejected arguments that corpus donations should be exempt without 12AA registration, emphasizing the interconnected nature of Sections 2(24)(iia) and 11(1)(d). The judgment highlighted the 2014 amendment mandating trust registration for tax benefits and upheld the Tribunal's decision to tax unregistered trust's corpus donations. The ruling underscores the necessity of proper regulation to ensure legitimate philanthropic contributions and prevent misuse of tax exemptions. Case-Laws Income Tax Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302030