https://www.taxtmi.com/caselaws?id=761371 ITAT Jaipur held that development fund received from students for infrastructure creation constitutes capital receipt, not revenue receipt, as it is specifically utilized for capital asset creation. The tribunal upheld CIT(A)'s finding that advances to staff and sister educational institutions registered under section 12AA do not constitute misappropriation of funds under section 13(1)(d). However, ITAT disagreed with CIT(A)'s 10% adhoc disallowance of expenses, finding the expenses reasonable compared to previous years accepted by AO in earlier assessments under section 143(3). en-us Fri, 27 Sep 2024 00:00:00 +0530 Fri, 08 Nov 2024 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761371 ITAT Jaipur held that development fund received from students for infrastructure creation constitutes capital receipt, not revenue receipt, as it is specifically utilized for capital asset creation. The tribunal upheld CIT(A)'s finding that advances to staff and sister educational institutions registered under section 12AA do not constitute misappropriation of funds under section 13(1)(d). However, ITAT disagreed with CIT(A)'s 10% adhoc disallowance of expenses, finding the expenses reasonable compared to previous years accepted by AO in earlier assessments under section 143(3). Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761371