Donations Misused for Personal Use Taxable Under Section 56(2)(x): ITAT Mumbai

Rana Ayyub Shaikh Vs DCIT (ITAT Mumbai) ITAT Mumbai held that since donations collected were parked in savings bank account of assessee and funds were used for personal purpose hence donation collected are taxable u/s. 56(2)(x) of the Income Tax Act. Accordingly, appeal of the assessee dismissed. Facts- The solitary ground raised by the assessee is that CIT(A) was not justified in confirming the view of the AO that the donations of Rs. 1,94,82,506/- received for Covid relief were taxable as the income of the assessee u/s 56(2)(x) of the Income Tax Act. Conclusion- Held that the donations colle...