https://www.taxtmi.com/caselaws?id=314544 ITAT Chennai upheld assessment treating unregistered trust as AOP, denying section 11 exemption due to lack of section 12A registration. Court confirmed addition of Rs. 14,40,000 as unexplained donations under section 68, finding five donors failed to prove genuineness. Addition of Rs. 70,00,000 as unproved loan credits sustained after creditor examination revealed fabricated transactions. Section 10(23C) exemption denied as trust deed contained 42 objects, disqualifying "solely for educational purposes" requirement. Appeal partly allowed only regarding three verified donations totaling Rs. 4,90,000. en-us Wed, 15 Jun 2016 00:00:00 +0530 Wed, 19 Jun 2024 08:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314544 ITAT Chennai upheld assessment treating unregistered trust as AOP, denying section 11 exemption due to lack of section 12A registration. Court confirmed addition of Rs. 14,40,000 as unexplained donations under section 68, finding five donors failed to prove genuineness. Addition of Rs. 70,00,000 as unproved loan credits sustained after creditor examination revealed fabricated transactions. Section 10(23C) exemption denied as trust deed contained 42 objects, disqualifying "solely for educational purposes" requirement. Appeal partly allowed only regarding three verified donations totaling Rs. 4,90,000. Case-Laws Income Tax Wed, 15 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314544