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2024 (2) TMI 1222 - AT - Income TaxAssessment of trust - addition made u/s 115BBC on account of anonymous donations - AO has disallowed the donations of more than Rs. 50,000/- for want of PAN and Bank account statements of donors - HELD THAT:- As it is clear from section 115BBC(3) that the statute does not require the assessee to keep PAN and bank account statement of the donors but requires only maintaining record of identity indicating name and address of the person making contribution/donation. In the case in hand the assessee has furnished the list of donors giving name and address but the AO was not satisfied with the detail furnished by the assessee and asked the assessee to furnish the PAN and bank account statement of the some of the donors where the assessee has not furnished. Thus when section 115BBC(3) does not require specific documents to be maintained by the assessee except maintaining record of identity maintaining name and address then the addition made by the AO is not in accordance with the provisions of section 115BBC of the Act. Thus the addition made by the AO is not sustainable and the same is deleted.- Decided in favour of assessee. Addition u/s 68 on account of unsecured loans - consequential denial of benefit of section 11 - assessee has now contended that entire receipt including the loan in question has been applied for charitable purpose and therefore, no addition can be made on account of unsecured loans - HELD THAT:- As we note that the authorities below have not considered this aspect of the matter as to whether the assessee has applied this amount of loan for charitable purpose and consequently the benefit of section 11 would be available to the assessee of not. Thus we set aside this issue to the record of the AO for proper verification of the relevant fact regarding the utilization of the loan amount as well as details and evidences to be produced by the assessee to satisfy the identity and creditworthiness of the creditors as well as genuineness of the transactions. Decided in favour of assessee for statistical purposes.
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