https://www.taxtmi.com/caselaws?id=755417 The ITAT Mumbai held that dividend income received from shares donated as corpus fund retains the character of corpus donation and is not assessable as income under section 11(5). Following the Kerala HC decision in Mata Amrithanandamayi Math, upheld by the SC, the tribunal ruled that when corpus donations are given with specific directions that earnings thereon should be added to corpus, such earnings form part of the corpus donation itself. The assessee's investment of dividend income in fixed deposits and savings accounts satisfied section 11(5) requirements. The CIT(A)'s decision treating dividend as corpus donation was upheld, and the Revenue's appeal was dismissed. en-us Thu, 30 May 2024 00:00:00 +0530 Sat, 13 Jul 2024 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755417 The ITAT Mumbai held that dividend income received from shares donated as corpus fund retains the character of corpus donation and is not assessable as income under section 11(5). Following the Kerala HC decision in Mata Amrithanandamayi Math, upheld by the SC, the tribunal ruled that when corpus donations are given with specific directions that earnings thereon should be added to corpus, such earnings form part of the corpus donation itself. The assessee's investment of dividend income in fixed deposits and savings accounts satisfied section 11(5) requirements. The CIT(A)'s decision treating dividend as corpus donation was upheld, and the Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755417