Mere Use of Building without consideration by Trust cannot be said as unexplained investment

Abhodh Memorial Trust Vs ACIT (ITAT Kolkata) Ld. counsel for the assessee has submitted that building was constructed by Shri Aditya Mondal and Smt. Mamata Mondal, trustees of the assessee-trust who have obtained house building loan from the banks for the purpose of construction of the aforesaid building. The building was not constructed or owned by the trust/institute for the relevant assessment year A.Y 2011-12. We find that the ld. CIT(A) has also categorically made observation that the building was constructed by the trustees of the assessee and not by the assessee itself. Since the buildi...