TaxTMI 
TaxTMI 
2023 (6) TMI 169
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....Ward-1, Moga,[in brevity the AO] order passed u/s 143(3) of the Act. 2. The assessee has taken the following grounds: - "1. That Ld C1T (A) has erred in facts and Law in confirming addition of Rs. 97,42,782/- toward the income as against nil income declared by Assessee. 2. That the Ld CIT (A) erred in confirming the aforesaid addition, whereas the appellant had duly submitted its reply to the satisfaction of assessing authority and also furnished the required evidence as demanded by the assessing authority during the assessment proceedings in support of the claim of donation being exempt in terms of section 11(1) d of the Income Tax Act and confirmation of Addition by Ld CIT (A) is bad in Law. 3. That the appellant had legitimate s....
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....ied on outcome of investigation, the ld. AO added back the corpus fund received by the assessee from the party the amount of Rs.97,42,782/- &calculated tax accordingly. The ld. AO also claimed that after treating this corpus fund amounting to Rs.97,42,782/- as income the assessee's turnover is re-calculated amount to Rs.1,88,82,890/-. The assessee was not registered u/s 12A of the Act. So, the exemption u/s 11 and 12 of the Act was rejectedfor violation of Section 12AA of the Act. Being aggrieved assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) upheld the order of the ld.AO. Being aggrieved assessee filed an appeal before us. 4. The ld. AR of the assessee filed a written submission and first pointed out that the assessee's tu....
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....s fully justified :n adding the amount of Rs.97,42,78 / to the total income of the appellant However in view of other additional facts as discussed in above paragraphs in detail , the corpus donation of Rs.97,42782/- is also disallowed u/s 68, as although the AO has discussed all the aspects of his findings in detail however has simply disallowed on account of non-registration of appellant trust u/s 12A or u/s10 (23C). The appellant has also requested for stay in ground no. 6, in view of the disposal of appeal against the appellant this ground of appeal also is decided against the appellant. 3.23 Since it is seen that the appellant has failed badly, to explain corpus donation voluntary donation received by it during the year, the assessi....