https://www.taxtmi.com/caselaws?id=57688 The case involved two consolidated appeals regarding the exemption for voluntary contributions under section 12 of the IT Act, 1961, and the allowance of depreciation. The Tribunal ruled in favor of the assessee, holding that the contributions were for the corpus of the institution and exempt as capital receipts. Additionally, the Tribunal allowed depreciation for the institution's assets used in its charitable activities, considering the institution's activities as falling within the meaning of 'vocation.' The appeals were allowed in favor of the assessee on both issues. en-us Thu, 17 Jul 1980 00:00:00 +0530 Mon, 13 Dec 2010 09:54:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57688 The case involved two consolidated appeals regarding the exemption for voluntary contributions under section 12 of the IT Act, 1961, and the allowance of depreciation. The Tribunal ruled in favor of the assessee, holding that the contributions were for the corpus of the institution and exempt as capital receipts. Additionally, the Tribunal allowed depreciation for the institution's assets used in its charitable activities, considering the institution's activities as falling within the meaning of 'vocation.' The appeals were allowed in favor of the assessee on both issues. Case-Laws Income Tax Thu, 17 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57688