https://www.taxtmi.com/caselaws?id=755958 ITAT Ahmedabad denied exemption u/s 11 to a trust after finding systematic fraudulent activities including bogus corpus donations, cash withdrawals, and staff salary recoveries. The trust's participation in PMGKY scheme and declaration of undisclosed income was held as acknowledgment of deviation from charitable objects, violating sections 13(1)(c) and 13(1)(d). The tribunal rejected the trust's argument that PMGKY participation absolved wrongdoing, emphasizing that amnesty schemes cannot excuse fraudulent conduct. Revenue's appeals were allowed, exemptions u/s 11 and 12 denied, and AO directed to recompute income under section 164 at maximum marginal rate. en-us Fri, 12 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755958 ITAT Ahmedabad denied exemption u/s 11 to a trust after finding systematic fraudulent activities including bogus corpus donations, cash withdrawals, and staff salary recoveries. The trust's participation in PMGKY scheme and declaration of undisclosed income was held as acknowledgment of deviation from charitable objects, violating sections 13(1)(c) and 13(1)(d). The tribunal rejected the trust's argument that PMGKY participation absolved wrongdoing, emphasizing that amnesty schemes cannot excuse fraudulent conduct. Revenue's appeals were allowed, exemptions u/s 11 and 12 denied, and AO directed to recompute income under section 164 at maximum marginal rate. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755958