DCIT, Circle-2, Durgapur v. Kalyan Educational Society

Parties Involved

Facts Summary

The assessee, Kalyan Educational Society, did not file an income tax return for the Assessment Year 2017-18. During the demonetization period, cash of Rs.11,15,000/- was deposited in the bank account. The case was reopened under section 147 of the Income Tax Act, 1961, and the assessee filed a return declaring a loss of Rs.24,42,868/-. The Assessing Officer assessed the total income at Rs.1,29,26,854/- after making additions amounting to Rs.1,53,69,722/-. The assessee appealed to the Commissioner of Income Tax (Appeals) and the Commissioner confirmed some of the additions. The revenue appealed to the Income Tax Appellate Tribunal, and the assessee filed a cross-objection against the additions sustained by the Commissioner.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) was justified in deleting the addition of Rs.1,32,52,056/- made by the Assessing Officer.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in sustaining the addition of Rs.16,04,250/- under section 69A of the Act and Rs.4,24,322/- as interest income.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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