ITAT Lucknow Quashes ₹85 Crore Additions Against Educational Trust

Rohilkhand Educational Charitable Trust Vs DCIT (ITAT Lucknow) Corpus Donations, Capital Spend & Accumulation Recognized as Charitable Application- Cash Deposits During Demonetisation Not Taxable u/s 68 – Relief for Educational Trust Assessee, a public charitable trust registered u/s 12A, filed appeals against CIT(A)’s orders sustaining major additions after denial of exemption u/s 11 & 12 on account of cancellation of registration u/s 12AA(3) by PCIT. AO taxed corpus donations, accumulation u/s 11(2), 15% statutory accumulation, capital expenditure, cash deposits during demonetiza...