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ITAT allowed the appeal in part and set aside additions sustained by the AO and CIT(A). The Tribunal held that receipts shown as corpus donations and certain unsecured advances could not be taxed as anonymous donations under s.115BBC where the assessee produced records establishing name, address and PAN; consequently additions under s.115BBC were deleted and grounds 2 and 3 allowed. Regarding unexplained liabilities under s.68, ITAT accepted the assessee's explanation that amounts represented retention/security deposits under contracts and, given undisputed construction expenses, directed deletion of the additions. Overall, the impugned additions were quashed and the relevant appeal grounds allowed.
ITAT allowed the appeal in part and set aside additions sustained by the AO and CIT(A). The Tribunal held that receipts shown as corpus donations and certain unsecured advances could not be taxed as anonymous donations under s.115BBC where the assessee produced records establishing name, address and PAN; consequently additions under s.115BBC were deleted and grounds 2 and 3 allowed. Regarding unexplained liabilities under s.68, ITAT accepted the assessee's explanation that amounts represented retention/security deposits under contracts and, given undisputed construction expenses, directed deletion of the additions. Overall, the impugned additions were quashed and the relevant appeal grounds allowed.
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