Saturday 8 August 2015

Cash found during search was added to income of trust as it failed to prove that it was genuine dona

IT : Where assessee-institute having received loan from group companies, converted same into corpus donation, since lender companies were not doing any business and thus were not in a position to give huge amount of loan, addition made by Assessing Officer regarding loan amount as well as penalty order passed on basis of same was to be upheld

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