https://www.taxtmi.com/caselaws?id=312584 ITAT Mumbai ruled in favor of the assessee trust on multiple grounds. Section 69A was held inapplicable as donated amounts were properly recorded in audited books and bank statements, with no undisclosed assets found. The tribunal remanded interest on corpus fund matter to AO for verification of its nature. Regarding anonymous donations, ITAT determined Section 115BBC doesn't apply to charitable trusts receiving offerings through donation boxes, as maintaining donor records is impractical for such institutions. The provision targets unaccounted money in educational/medical institutions receiving capitation fees, not legitimate charitable donations. en-us Mon, 15 May 2023 00:00:00 +0530 Wed, 18 Dec 2024 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312584 ITAT Mumbai ruled in favor of the assessee trust on multiple grounds. Section 69A was held inapplicable as donated amounts were properly recorded in audited books and bank statements, with no undisclosed assets found. The tribunal remanded interest on corpus fund matter to AO for verification of its nature. Regarding anonymous donations, ITAT determined Section 115BBC doesn't apply to charitable trusts receiving offerings through donation boxes, as maintaining donor records is impractical for such institutions. The provision targets unaccounted money in educational/medical institutions receiving capitation fees, not legitimate charitable donations. Case-Laws Income Tax Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312584