Section 68 Not Applicable for Non-Utilisation of CSR Funds: ITAT Ahmedabad

Madhu Silica Foundation Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t apply in the matter of non-utilisation of amounts received towards Corporate Social Responsibility (CSR) activities. Thus, appeal allowed. Facts- During the course of the assessment proceedings, AO noted that the assessee received a sum of Rs. 6,51,37,000 on March 29, 2022, and another sum of Rs. 3,08,63,000 on March 30, 2022, from Madhu Silica Pvt. Ltd. These amounts were supposedly received for the purpose of assessee’s Corporate Social Responsibility (CSR) ...