https://www.taxtmi.com/forum/issue?id=120067 Demolition of a capital asset funded from a corpus fund does not generate taxable income where no proceeds are realised; the asset should be written off in the accounts, corpus should continue to be shown as a liability unless formally reclassified, and audit schedules and notes must disclose the demolition and absence of realisation while future assets created from regular income will be treated as application of income under the charitable trust provisions. en-us Wed, 28 May 2025 18:02:00 +0530 Wed, 28 May 2025 18:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120067 Demolition of a capital asset funded from a corpus fund does not generate taxable income where no proceeds are realised; the asset should be written off in the accounts, corpus should continue to be shown as a liability unless formally reclassified, and audit schedules and notes must disclose the demolition and absence of realisation while future assets created from regular income will be treated as application of income under the charitable trust provisions. Discussion-Forum Income Tax Wed, 28 May 2025 18:02:00 +0530 https://www.taxtmi.com/forum/issue?id=120067