https://www.taxtmi.com/caselaws?id=36331 The court held that voluntary contributions in the form of shares, given with specific conditions to form part of the corpus, are not taxable income. The court ruled in favor of the assessees, stating that such contributions do not fall under the purview of taxable income according to Sections 11, 12, and 2(24) of the Income-tax Act. Additionally, the court determined that interest income was not taxable under Section 13(2)(h) as it did not constitute investments in equity capital. The judgment favored the assessees, entitling them to costs from the revenue. en-us Fri, 29 Aug 1980 00:00:00 +0530 Sat, 20 Mar 2010 17:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36331 The court held that voluntary contributions in the form of shares, given with specific conditions to form part of the corpus, are not taxable income. The court ruled in favor of the assessees, stating that such contributions do not fall under the purview of taxable income according to Sections 11, 12, and 2(24) of the Income-tax Act. Additionally, the court determined that interest income was not taxable under Section 13(2)(h) as it did not constitute investments in equity capital. The judgment favored the assessees, entitling them to costs from the revenue. Case-Laws Income Tax Fri, 29 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36331