The assessee is registered as society (not TRUST) under Society Registration Act, 2001 in Andhra Pradesh carrying out activities to serve as an academic body for facilitating exchange of knowledge and technology to doctors. The registered society is not having 12A/12AA certificate.
During this financial year, the society is in receipt of Corpus donation from one of the founding member of the society.
Question: Can we treat this corpus donation as capital receipt and hence not chargeable to tax? Pls advice along with relevant provision of Income Tax Act and supported case law if any.
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