https://www.taxtmi.com/caselaws?id=382176 The Tribunal upheld the addition of Rs. 30 lakhs as unexplained credit under Section 68 of the Income Tax Act for a charitable trust. The trust failed to establish the identity, creditworthiness, and genuineness of the lender, M/s Atoll Vyapaar Pvt. Ltd. Despite the loan being taken before the trust's activities began, Section 68 was deemed applicable. The trust's argument for exemption under Sections 11 and 12 was rejected as it was not registered under Section 12A during the relevant year. The appeal was dismissed, affirming the addition under Section 68. en-us Tue, 04 Jun 2019 00:00:00 +0530 Thu, 27 Jun 2019 07:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382176 The Tribunal upheld the addition of Rs. 30 lakhs as unexplained credit under Section 68 of the Income Tax Act for a charitable trust. The trust failed to establish the identity, creditworthiness, and genuineness of the lender, M/s Atoll Vyapaar Pvt. Ltd. Despite the loan being taken before the trust's activities began, Section 68 was deemed applicable. The trust's argument for exemption under Sections 11 and 12 was rejected as it was not registered under Section 12A during the relevant year. The appeal was dismissed, affirming the addition under Section 68. Case-Laws Income Tax Tue, 04 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382176