Audit Alone Not Enough for Section 11 Claim – ITAT Restores Matter for Evidence Verification

ITO Vs Market Halai Memon Jamat (ITAT Mumbai) Audit Alone Not Enough for Section 11 Claim – ITAT Restores Matter for Evidence Verification Mumbai ITAT held that mere reliance on audited books and Form 10BB is insufficient to substantiate application of income by a charitable trust. The assessee-trust had claimed application of income of ₹1.55 crore towards its objects, but failed to produce supporting evidence (invoices, bills, vendor details, etc.) during assessment. The AO, therefore, made an addition by denying the claim. The CIT(A) deleted the addition solely on the ground that the boo...