https://www.taxtmi.com/caselaws?id=755358 ITAT Jaipur ruled in favor of the assessee trust regarding unexplained investment in land purchase. The court found that trustees personally paid "on money" for land bought in the trust's name, as evidenced by seized documents from a trustee's mobile. The Interim Board of Settlement had previously accepted the trustees' additional income and allowed capitalization of their investment. Since the trust had no income for land purchase and trustees bore the unaccounted payment, the investment could not be taxed as the trust's undisclosed income. The addition was deleted from the trust's assessment. en-us Fri, 05 Jul 2024 00:00:00 +0530 Thu, 11 Jul 2024 08:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755358 ITAT Jaipur ruled in favor of the assessee trust regarding unexplained investment in land purchase. The court found that trustees personally paid "on money" for land bought in the trust's name, as evidenced by seized documents from a trustee's mobile. The Interim Board of Settlement had previously accepted the trustees' additional income and allowed capitalization of their investment. Since the trust had no income for land purchase and trustees bore the unaccounted payment, the investment could not be taxed as the trust's undisclosed income. The addition was deleted from the trust's assessment. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755358