Exemption u/s 10(22) denied - Addition u/s 68 - the Stand taken ...

Assessee's Exemption Denied u/s 10(22); Cash Additions Made u/s 68 Due to Unsubstantiated Claims.

December 9, 2022

Case Laws Income Tax HC

Exemption u/s 10(22) denied - Addition u/s 68 - the Stand taken by the assessee that contributions were received only from the students has been rightly rejected by the Assessing Officer. Further, the cash balance of Rs.1.30 Crores at the peak with petty cash being drawn on daily basis fortifies the view taken by the Assessing Officer that money was being utilized for some other purpose. - HC

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Exemption u/s 10(22) denied - Addition u/s 68 - the Stand taken ...

Assessee's Exemption Denied u/s 10(22); Cash Additions Made u/s 68 Due to Unsubstantiated Claims.

December 9, 2022

Case Laws Income Tax HC

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