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

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....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....

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