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Sec 12 a corpus fund

This query is : Resolved 
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(Querist)
30 December 2011 Sir,
A Trust applied for Registration u/s 12 A of the I.T. Act. The same was rejected by the CIT and the case was reopened. Whereas the Trust has already taken Donation in the Form of CORPUS FUND for its objects . Now the A.O. is treating the same as Income of the previous year and taxing the same.

Query:
1. Whether the A.O. can do the same?
2. Whether A.O. can Treat the CORPUS FUND as income of the Trust?
3. If not please provide some case laws.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
30 December 2011 Yes A.O. can do it.
Donation is a income of trust you have to maintain 15% from income for its object.
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