https://www.taxtmi.com/caselaws?id=456616 ITAT Ahmedabad ruled on a charitable trust's tax treatment of donations. The tribunal held that voluntary contributions received by the trust are taxable income under section 2(24)(iia), even for unregistered trusts. However, corpus donations were deemed capital in nature and not taxable income. The AO's alternative assessment under section 115BBC was rejected as this provision applies only to trusts registered under section 12A. The tribunal also dismissed the addition under section 68, finding insufficient evidence to treat all donations as non-genuine based on examination of only a small sample. Revenue's appeal was partly allowed regarding voluntary donations but dismissed on corpus donations and section 115BBC application. en-us Mon, 18 Sep 2023 00:00:00 +0530 Mon, 05 Aug 2024 19:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456616 ITAT Ahmedabad ruled on a charitable trust's tax treatment of donations. The tribunal held that voluntary contributions received by the trust are taxable income under section 2(24)(iia), even for unregistered trusts. However, corpus donations were deemed capital in nature and not taxable income. The AO's alternative assessment under section 115BBC was rejected as this provision applies only to trusts registered under section 12A. The tribunal also dismissed the addition under section 68, finding insufficient evidence to treat all donations as non-genuine based on examination of only a small sample. Revenue's appeal was partly allowed regarding voluntary donations but dismissed on corpus donations and section 115BBC application. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456616