Question 1

What are the key legal issues in Bapatla Mahila Mutually Aided Co-op. Thrift Society Limited vs. Income Tax Officer?

Accepted Answer

1. The reopening of assessment is bad in law as the notice U/s. 148 dated 29/03/2021 was issued on 01/04/2021 without following the procedure prescribed under the new law effective from 01/04/2021 consequently the order passed U/s. 147 is null and void. 2. The assessment unit, NFAC, Delhi is not justified in treating the deposits of Rs. 1,33,40,085/- cash deposited in the bank account of the assessee as unexplained money U/s. 69A of the Act and levying the tax thereon U/s. 115BBE of the Act.

Question 2

What are the facts of Bapatla Mahila Mutually Aided Co-op. Thrift Society Limited vs. Income Tax Officer?

Accepted Answer

The assessee, Bapatla Mahila Mutually Aided Cooperative Thrift Society Ltd., filed an appeal against the order of the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi. The assessee had made cash deposits of Rs. 1,33,48,085/- in the savings bank account during the financial year 2012-13. The Assessing Officer observed that the assessee had not filed its return of income, and thus, issued a notice under section 148 of the Income Tax Act, 1961. The assessee filed its return of income on 28.05.2021, which was treated as invalid by the CPC, Bangalore. The Assessing Officer completed the assessment proceedings under section 144 of the Act and determined the total income at Rs.1,42,06,582/-. The assessee appealed against the order of the Assessing Officer before the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, which dismissed the appeal ex-parte.

Bapatla Mahila Mutually Aided Co-op. Thrift Society Limited vs. Income Tax Officer

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Facts Summary

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