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ITAT Clarifies Pre-2023 Loan Rules, u/s 68 & 40(a)(ia), Major Additions Deleted
Case Law Details
- Case Name
- Anbu Educational Trust Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Chennai
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Anbu Educational Trust Vs ITO (ITAT Chennai)
Source-of-Source Cannot Be Examined Prior to 01-04-2023—Unsecured Loans & Student Caution Deposits Held Genuine; Additions Deleted, Except TDS Issue Remanded
The Assessee, an educational trust, filed return declaring ₹6,82,010 for AY 2013-14. Due to repeated non-compliance, the AO passed an ex-parte assessment, making additions of ₹4,11,30,000 towards alleged unproven credits, ₹10,90,366 u/s 40(a)(ia), and treating security caution deposits collected from students as unexplained. The AO also denied exemption u/s 11.
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