Meaning of “Corpus fund”

Case Name : Indian Society Of Anaesthesiologists vs. ITO

Citation : [2014] 47 taxmann.Com 183/64 SOT 178 (uro)/32 ITR (trib.) 152 (Chennai)

Court : Chennai high court

Section : 12

Meaning : The term ‘corpus’ is essentially a term relating to medical science. The meaning of the term is ‘human body’. The term is also generally used to express ‘the whole body of a subject for a thought or a fund’. That is why the term ‘corpus juris’ is in force to mean the body of law.

In the context of sections 11 and 12 the term ‘corpus fund’ has necessarily to be considered as ‘the capital fund of a charitable society’. The capital fund of the society cannot be a revenue fund in nature. That is why the law has specifically excluded corpus donations from the income of charitable societies.

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