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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Addition u/s 68 - Corpus donation - To strengthen the claim of ...

Income Tax

August 12, 2013

Addition u/s 68 - Corpus donation - To strengthen the claim of the assessee regarding the genuineness of the corpus donation further documents like bank statement of the donor and ITR of donor were filed as additional evidence which had not been admitted by the CIT (A). This stand of CIT (A) was without any cogent reason. - AT

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  1. Addition u/s 68 - assessee has substantiated the transaction regarding share application money received by it was genuine transaction and the same were not accommodation...

  2. Addition of donations as anonymous donation u/s 115BBC - since the donations were duly treated as income by the assessee, section 68 could not have been invoked. -...

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  4. Addition u/s 68 or 115BBC - The anonymous donations will not be covered if donations received by any trust or institution created or established wholly for religious...

  5. Unexplained cash credit u/s 68 - proof of donation received - the assessee not only disclosed its donation but also produced confirmation from the Secretary of the trust...

  6. Non charitable activities - assessee failure to prove the donations received are corpus donations - not having registration u/s 12A - additions and disallowance confirmed - AT

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