subsidies should henceforth be sent to the Member
Associations towards "corpus funds". There is no dispute that the TV subsidy in
question ... obligation and with a specific direction that it shall be for
corpus fund- as admittedly the present receipt is, is required to be treated
being amount received by way of
Corpus Fund though the same is not taxable as it is not "Income"
and/or is capital ... corpus fund denotes a permanent fund
kept for the basic expenditures needed for the administration and survival of
an organization. The corpus fund is generally
with tax audit report; (ii) trust deed; (iii) sample receipts towards
corpus fund and tuition fees; (iv) banakath with Mrs Sonasl J
Jacasania etc. furnished ... students in standard-wise and also the
contributions towards 'corpus fund' (Pages 111 - 138 of PB furnished
by the Ld. AR. Copies
that
assessee has received Rs. 22,76,539/- on account of corpus fund and revenue receipts
of Rs. 96,36,555/-. The Assessing Officer therefore ... lacs from Shri
Chaganlal Sharma, the founder member against the corpus fund for meeting out the
capital expenditure. The Assessing Officer wrongly taken donation
assessee trust, therefore, claimed that the said
donation was towards the corpus fund of the trust with a specific
direction to be used for infrastructural ... part of the
corpus then it will be invested or deposited as per the prescribed
modes maintained specifically for such corpus fund then it will
grants of Rs.6,18,22,000/- holding that it is corpus fund received towards
specific projects to achieve objects of the trust without appreciating ... treated as Corpus Fund to be
utilized for specific purpose only and hence, shown as credit balances as
Trust Fund or Corpus in the Balance
Akhand Deepak fund - Rs. 12,951/-
6. Dadawadi fund - Rs. 25,020/-
7. Jiv Daya fund - Rs. 18,063/-
8. Ayambil fund ... that specific funds created for fulfilling specific objectives for which
these separate funds are constituted remain as capital funds as the
funds can be used
assessee has changed its stand
that the above donation is 'corpus fund' during the assessment proceedings ... from members
towards building fund was to be treated as 'Corpus Fund' in the absence of
specific direction from the donors that
Voluntary contributions for corpus. In the
present case, the appellant has withdrawn Rs.55 lakhs from the corpus
fund. The appellant has filed the decision ... sent to the corpus, cannot be made
to change its character. The moment the trust withdraws the same from
the corpus fund, the amount goes
various funds such as Building fund, Educational Research fund,
Educational Infrastructure fund, Literary fund, Sports Development fund,
Staff Welfare Fund, Students Welfare fund ... various funds such as
Building fund, Educational Research fund, Educational
Infrastructure fund, Literary fund, Sports Development fund, Staff
Welfare Fund, Students Welfare Fund
