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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Addition made u/s 68 in respect of corpus donation - When the ...

Income Tax

November 21, 2015

Addition made u/s 68 in respect of corpus donation - When the corpus donations received by the assessee is specifically exempted u/s 11(1D) of the Act, Ld. CIT(A) has rightly deleted the addition. - AT

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  1. 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...

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

  3. 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...

  4. 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. -...

  5. Offerings at the temple received in donation boxes - it is generally not only difficult but also not possible to maintain records - cannot be taxed as Anonymous...

  6. Levy of tax on Anonymous donation u/s 115BBC - Section 68 has no application in the instant case because the assessee has disclosed the donation as its income and...

  7. Unexplained cash credit in form of corpus donation - During remand proceedings, four donation receipt books were produced which were newly bound and freshly written -...

  8. Nature of receipt of donation - clubs or associations services - Such donations even if made by the non-members, cannot be made liable to service tax under the Finance...

  9. Disallowance of donation - Donation for scientific research u/s 35(1) - there is no evidence brought on record to show that the assessee has got back the donation money...

  10. Validity of Notice issued u/s 142(1) - Anonymous Donations - 'Charity Box' (Gollak box) being the donations made by various followers and devotees visiting the Gurudwara...

 

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