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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. If donations are received compulsorily for the admission of students, the assessee would not be entitled for exemption either under S.10(23C) or under S.11 of the Act - AT

  4. 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...

  5. 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. -...

  6. Exemption u/s 11 - Corpus donation receipt - the donations/voluntary contributions received by the appellant society are outside the taxations, even for the period prior...

  7. 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...

  8. Entitlement to exemption under Section 11 - anonymous donations received - supply of fodder to cattle and animals is not only a good religious trust but it is also a...

  9. Exemption u/s 11 - it is seen that the appellant has received donation against which expenses on account of donation paid have been shown. Since donation is a voluntary...

  10. 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...

 

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