https://www.taxtmi.com/caselaws?id=39869 The court concluded that donations made with specific directions to form part of the corpus of the donee-trust were not covered by Section 12(2) of the Income-tax Act, 1961. Such contributions were deemed to be part of the capital or corpus of the receiving trust and not income. The court held that these donations did not constitute income under Section 12(1) and were not subject to taxation. The petitions were allowed, directing the Income-tax Officer not to include the donated shares' value as income but to treat the dividend income as governed by Section 11 of the Act. en-us Wed, 03 Apr 1974 00:00:00 +0530 Tue, 20 Apr 2010 17:32:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39869 The court concluded that donations made with specific directions to form part of the corpus of the donee-trust were not covered by Section 12(2) of the Income-tax Act, 1961. Such contributions were deemed to be part of the capital or corpus of the receiving trust and not income. The court held that these donations did not constitute income under Section 12(1) and were not subject to taxation. The petitions were allowed, directing the Income-tax Officer not to include the donated shares' value as income but to treat the dividend income as governed by Section 11 of the Act. Case-Laws Income Tax Wed, 03 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39869