Use of Building by Assessee-Trust without consideration is not Unexplained Investment: ITAT [Read Order]

Building - Trust - Unexplained Investment - Investment - ITAT - Taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that use of building by assessee-trust without consideration is not unexplained investment. The assessee, Abhodh Memorial Trust is a charitable trust, however, not registered under section 12A of the Income Tax Act for the relevant assessment year under consideration. During the assessment…

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