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Income Tax - Highlights / Catch Notes

Home Highlights August 2021 Year 2021 This

Addition u/s 68 - anonymous donations u/s 115BBC - the action of ...

Income Tax

August 21, 2021

Addition u/s 68 - anonymous donations u/s 115BBC - the action of the A.O. to treat the deposits under reference as anonymous donations u/s 115BBC is completely unlawful since all the loan creditors had opening balances and had also filed copies of ITRs, Thus, by no stretch of imagination could the AO treat these loans as anonymous donation u/s 115BBC. - AT

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  1. 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. -...

  2. Section 115BBC - Anonymous Donations - Confirmation obtained from donors during the course of remand proceedings, therefore, impugned donations are no more anonymous in nature.

  3. 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...

  4. 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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  7. Anonymous donations made to religious trust will not come within the purview of the provisions of sec.115BBC of the Act. - AT

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