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52 orders · Page 2 of 2
The Tribunal reversed the CIT(A)'s decision, holding that the cash deposits were not sufficiently supported by documentary evidence to be treated as business income. The additions made by the AO were confirmed.
The Tribunal held that Form 56B is not required for institutions with gross receipts below ₹5 Crore claiming exemption under Section 10(23C)(iiiad). Due to procedural non-compliance and the need for a fair hearing, the case was remanded to the AO for fresh assessment.