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Corpus fund received by trust not registered under section 12AA is not taxable

Corpus fund meant for  specific  purpose to meet out capital expenditure could  not be taxed being a capital receipt even if trust was not registered under section 12AA

Dt. Order : 30 October ,2018

Sri Guru Singh Sabha  v. CIT (2019) 167 TR (A) 386 (Del “SMC” – Trib ) : 2018 taxpub (DT) 7905 (Delhi SMC Bench) ; (2018) 68 ITR (Trib ) 394 (Delhi SMC bench )

Fact :   Assessee – trust received corpus fund meant for specific  purpose to meet out capital expenditure . AO taxed thed same as revenue reeipt on the ground that trust was not registered under section 12AA .

 Held :   Corpus fund meant for specific purpose to meet out capital expenditure could not be taxed being a capital receipt even if trust was not  registered under section 12AA