2022 (4) TMI 1329

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....anding counsel. Respondent Through: Mr. Salil Kapoor with Mr. Sumit Lalchandani and Ms.Ananya Kapoor, Advocates. J U D G M E N T MANMOHAN, J (Oral): C.M.No.19919/2022 Keeping in view the averments in the application, delay in filing the present appeal is condoned. Appeal is taken on record. Accordingly, the application stands disposed of. ITA No.128/2022 1. Present appeal h....

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....nsfer funds from corpus to general reserve and still claim that the department adjudicate the real nature of the expenditure incurred from general reserve account and grant exemption. According to him, Section 11(1)(d) does not permit exemption in cases where donation received is transferred from corpus to general reserve even if the nature of expense incurred from general reserve is charitable in....

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.... In fact, this approach is commended by the Allahabad High Court in Sri Dwarkadheesh Charitable Trust vs. Income Tax Officer, "C" Ward [(1975) 98 ITR 557(AII)], which has been quoted by the appellant in the present appeal. The relevant portion of the Allahabad High Court judgment is reproduced hereinbelow:- "18. Normally, if a charitable trust mikes a gift of property which constitutes it....