Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 466 - ITAT MUMBAILevy of Penalty - unexplained payments stand explained out of unaccounted donations - educational institutions collected donations- 60% are shown as income and 40% not disclosed - "undisclosed income is utilized either for giving advances to builders which is also undisclosed or used for personal use of trustees or their relatives”. - Held that:- the mere fact that the quantum additions have been confirmed per se does not imply that this explanation cannot be treated as acceptable for the penalty purposes either. Thus penalty was not levied. Tax effect does not exceed CBDT instructions - Revenue authorities not justified to appeal
|