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2015 (1) TMI 519 - AT - Income TaxUnexplained Cash credits - addition u/s 68 deleted by CIT - Held that:- Undisputedly before the Assessing Officer complete details were not filed and the Assessing Officer has made addition of ₹ 7.65 lakhs under section 68 of the Act. But when the matter arrived before the ld. CIT(A), the ld. CIT(A) has asked the assessee vide order sheet entry dated 23.1.2013 to file details of PAN and other relevant details of the cash creditors. Consequent thereto complete details including the copy of Income-tax return, copy of PAN, copy of Khasra & Khataoni, ID Card, etc. were filed before the ld. CIT(A) which were properly examined by him before accepting the genuineness of the contribution made by the 14 persons. Accordingly, no infirmity find in the order of the ld. CIT(A) in admitting the evidence filed on his direction.- Decided in favour of assessee. Difference in valuation of construction of building as per valuation report of the DVO and as disclosed by the assessee in its books of account - addition u/s 68B deleted by CIT - Held that:- On carefully examining the photographs and the evidence filed with regard to the quality of constructions of the building and rooms constructed by certain donors and it is quite evident from the photographs that the quality of construction was not as suggested by the DVO in his report which is available on record. Most of the walls are not even plastered and the floors are also made of bricks. Also carefully examining the findings of the ld. CIT(A) in this regard and of the view that the ld. CIT(A) has examined each and every aspect and quality of construction and after giving credit of self-supervision charges, etc., the ld. CIT(A) did not find much difference in the valuation declared by the assessee and estimated by the DVO. Therefore, we confirm the order of the ld. CIT(A) deleting the additions made by the Assessing Officer. Since we do not find any infirmity in the order of the ld. CIT(A), we confirm the same. - Decided in favour of assessee. Entitlement to exemption u/s 10(23C)(iiiad) - Held that:- In the absence of any specific assertion, it cannot be held that the assessee was engaged in profit making activities in the light of the fact that the assesseetrust is running an educational institution and the activities were never doubted by the Assessing Officer. CIT(A) has rightly held that the assessee-trust is charitable institution and is entitled for exemption under section 10(23C)(iiiad) of the Act. Accordingly we confirm his order on this issue.- Decided in favour of assessee.
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