Tuesday 25 August 2015

Money held by Bishop of Church in his fiduciary Capacity couldn't be held as unexplained

IT : Where assessee was bishop/metropolitan of a church and money deposited in bank account of assessee did not belong to him in his individual capacity and he was holding account in his fiduciary capacity, said money had to be considered only in hands of church and there could not be any addition in hands of assessee under section 69

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