High Court Upholds Exemption 11: Corpus Funds for Revenue Expenditure Qualify as Income Application u/s 11(1)(d.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exemption 11 - utilization of corpus fund towards revenue expenditure as application of income under Section 11(1)(d) - exemption on corpus donation is allowed on purchase of land, as it is a purchase of capital asset. - concurrent finding of the CIT(A) and the ITAT sustained - HC....