Dismissing the appeal of the revenue the Tribunal held that, when the Trust had applied more than its gross total income, accumulation at rate of 15 per cent would not arise. Voluntary donations towards corpus fund would be capital receipts hence not includible in its income. ( AY.2010-11)
DCIT v. Shree Surat Jilla Leuva Patidar Samaj Trust. (2019) 176 ITD 69 (Surat) (Trib.)
S. 11 : Property held for charitable purposes–Application of income more than its gross total income-Accumulation at rate of 15 per cent is not required-voluntary donations towards corpus fund would be capital receipts hence not includible in its income. [S.11(1)(a), 12]