Guru Krishnanand Charitable Trust Vs DCIT (ITAT Chennai)
ITAT Chennai set aside the order and appeal restored back to the file of AO for denovo assessment, however, cost of Rs. 5,000 imposed for non-response on the part of the assessee. Accordingly, appeal allowed.
Facts- The assessee M/s Guru Krishnanand Charitable Trust is registered u/s.12A. A warrant of authorization u/s 132 of the Act was executed in the case of Shri D. Ramgopal to search the residential premises of Shri G. Vijaychand Jhabakh, Chartered Accountant on 27.11.2013. Shri Vijaychand Jhabakh and his family members are trustees of Guru Krishnanand Charitable Trust. The assessee trust has not filed any return of Income originally for the AY 2011-12. Consequent to search, basing on some inquiries it was found that there were huge cash deposits in bank accounts of appellant trust. Accordingly, various notice were issued to the appellant trust however, none were responded. Thus, passed an order u/s 144 of the Act on 20.12.2016 based on verification and analysis of the seized material and materials available on record, assessing the income at Rs.1,28,48,725/- making addition towards unexplained cash credit; transfer of money from trust to personal account and unexplained investment.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
