https://www.taxtmi.com/caselaws?id=450644 The ITAT Cochin ruled against a school's claim for exemption under section 11(1)(d) for student contributions towards development and welfare funds. The tribunal found the contributions were not voluntary corpus donations but mandatory fees collected annually from all students, creating a quid pro quo relationship. The school's claim that parents voluntarily contributed specific amounts at specified times without institutional involvement was deemed unsubstantiated and "make-believe." The tribunal noted contributions stopped immediately upon graduation and remained constant regardless of student numbers or institutional needs. However, these receipts qualified for exemption under section 11(1)(a) as regular school fee income from trust property operations. en-us Thu, 07 Mar 2024 00:00:00 +0530 Wed, 04 Dec 2024 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450644 The ITAT Cochin ruled against a school's claim for exemption under section 11(1)(d) for student contributions towards development and welfare funds. The tribunal found the contributions were not voluntary corpus donations but mandatory fees collected annually from all students, creating a quid pro quo relationship. The school's claim that parents voluntarily contributed specific amounts at specified times without institutional involvement was deemed unsubstantiated and "make-believe." The tribunal noted contributions stopped immediately upon graduation and remained constant regardless of student numbers or institutional needs. However, these receipts qualified for exemption under section 11(1)(a) as regular school fee income from trust property operations. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450644