Massive Additions Based on Bank Credits of a Trust Set Aside – ITAT Orders Fresh Verification of Reconciliation

St. Anne’s Educational Society Vs DCIT (ITAT Bangalore) Massive Additions Based on Bank Credits of a Trust Set Aside – ITAT Orders Fresh Verification of Reconciliation Bangalore ITAT set aside additions aggregating to over ₹23 crore relating to Section 68, alleged undisclosed income, and short application of funds, holding that the entire case was built on incorrect bank receipt figures and unverified assumptions. AO had treated a portion of bank credits as unexplained and computed further additions by: Adopting gross bank deposits of ₹54.35 crore, Treating differences as unexplained ...