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TMI Blog2022 (11) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... when the CIT(A) himself has observed that the building was not constructed by the assessee-trust rather the same was constructed by the trustees of the assessee i.e. Smt. Mamata Mondal and Shri Aditya Mondal. Merely because the building was used by assessee-trust without consideration that cannot be said to be, in any way, any unexplained investment by the assessee-trust justifying the addition of section 69 of the Act. In view of this, the impugned order of the CIT(A) is set aside and the addition made by the Assessing Officer is hereby ordered to be deleted. - Decided in favour of assessee. - I.T.A No. 411/Kol/2020 - - - Dated:- 10-11-2022 - Shri Sanjay Garg , Judicial Member And Dr. Manish Borad , Accountant Member Shri San ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer noticed that as per the balance sheet of the assessee, the assessee does not own any building but the fact was that an institution namely Abodh Institution was being run and owned by the Trust in a building. However, the building was not reflected under the asset side of the trust but only a piece of land was reflected in the balance sheet. The Assessing Officer also observed that the land, in question, was gifted to the trust by the settlers. The Assessing Officer further observed that the assessee had even failed to explain the source of cash deposits totalling Rs.8 lakhs in its bank account. The Assessing Officer therefore, made the addition of Rs.8 lakh as unexplained cash deposits and another amount of Rs.16 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year A.Y 2011-12. We find that the ld. CIT(A) has also categorically made observation that the building was constructed by the trustees of the assessee and not by the assessee itself. Since the building was not constructed by the assessee-trust, there was no question of any addition on account of unexplained investment by the assessee-trust. Therefore, there is no justification on the part of the CIT(A) in confirming the impugned addition especially when the ld. CIT(A) himself has observed that the building was not constructed by the assessee-trust rather the same was constructed by the trustees of the assessee i.e. Smt. Mamata Mondal and Shri Aditya Mondal. Merely because the building was used by assessee-trust without consideration tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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