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2015 (8) TMI 1145 - AT - Income TaxUnexplained investment/deposit found in the bank deposits - addition under section 69 - CIT(A) delted the addition - Held that:- The bank account standing in the name of the assessee does not belong to the assessee in his individual capacity and he was holding the account in his fiduciary capacity as metropolitan/bishop of the church. Therefore, all the monies credited in the bank account, which stands in the name of the assessee, belong to the church. If the money credited in the bank account of the assessee is not accounted in the books of account of the church or diocese addition could be made only in the hands of the church or diocese and not in the hands of the individual, who is the metropolitan/bishop of the church. By executing an oath of affirmation under the constitution of Marthoma Syrian Church of Malabar, the assessee renounced his all movable and immovable properties, assets, bank deposits held by him and he does not own anything except his patrimony. Therefore, the property/ money which stands in the name of the assessee has to be considered only in the hands of the church, if at all an addition has to be made. There cannot be any addition in the hands of the present assessee. This Tribunal is of the considered opinion that the Commissioner of Income-tax (Appeals) has rightly deleted the addition. - Decided in favour of assessee.
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