Allowing the appeal of the assessee the Tribunal held that ;corpus donations received by assessee-trust with specific directions by donors to be applied towards specific purpose for which respective fund was created would be treated as capital receipts. Accordingly the corpus donation is not taxable though the trust is not registered under S.12A of the Act. ( AY. 2012-13)
Bank of India Retired Employees Medical Assistance Trust v. ITO (2018) 172 ITD 78 / 172 DTR 140 / 196 TTJ 706(Mum) (Trib.)
S. 12A : Registration –Trust or institution- Corpus donations received by trust with specific directions by donors to be applied towards specific purpose be treated as capital receipts- Corpus donation cannot be taxed though the trust is not registered. [ S. 2(24) iia),11, 12AA, ]