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2021 (12) TMI 91 - ITAT CUTTACKReopening of assessment u/s 147 - Allegation v/s reason to believe - Fixed Deposits made in the name of Satyasai Educational Trust was not of the Trust but of the assessee - HELD THAT:- There is no dispute to the fact that the amount of the fixed deposit made in the assessment year 1999-2000. But similar addition in A.Y. 1999-2000 was made in the name of the Trust, Satya Sai Education Trust and was already taxed - CIT(A) in the order adjudicating the appeal of the assessee has categorically held that for Assessment years: 2000-2001 and 2001-2002, the fixed deposits were of the Trust and not of this Assessee. Therefore, the impugned addition made by the A.O. and confirmed by the learned CIT(A) is not sustainable, being double addition, has no legs to stand, as such, the same needs to be deleted. Further, the impugned fixed deposits were already assessed in the hand of the Trust much prior to the date of this Assessment, therefore, the contention of ld D.R. that the addition made in the hand of the Trust was on protective basis, hence he added it is added on substantive basis in the name of the assessee is not acceptable. The ld DR did not controvert the very relevant part that on maturity, the amount of FD was received and credited to the account of the Trust not to the assessee When the fixed deposits were of the Trust and treated as income of the Trust, the same amount made in the name of the assessee is directed to be deleted because this amounts to double taxation. In view of above, delete the addition and allow the ground Nos. 1 to 4 of appeal of the assessee. Addition being agricultural income - HELD THAT:- We find no positive substance in the contention of the ld A.R., therefore, same is confirmed.
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