https://www.taxtmi.com/caselaws?id=57701 Voluntary contributions received with a specific direction for construction of the institution's building were treated as corpus receipts because they were applied to a capital purpose and did not form income under section 12 after the Finance Act, 1972 amendment. The institution was also held entitled to depreciation under section 32 on assets used for its activities, since running a permanent boarding and lodging home for the aged was treated as carrying on a vocation. Depreciation remained subject to verification of the written down value and relevant particulars. en-us Thu, 17 Jul 1980 00:00:00 +0530 Mon, 13 Dec 2010 11:00:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57701 Voluntary contributions received with a specific direction for construction of the institution's building were treated as corpus receipts because they were applied to a capital purpose and did not form income under section 12 after the Finance Act, 1972 amendment. The institution was also held entitled to depreciation under section 32 on assets used for its activities, since running a permanent boarding and lodging home for the aged was treated as carrying on a vocation. Depreciation remained subject to verification of the written down value and relevant particulars. Case-Laws Income Tax Thu, 17 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57701