ESI Hospital Employees Co-operative Thrift & Credit Society Ltd. vs. ITO, Non-Corporate Ward -10(1), Chennai

Parties Involved

Facts Summary

The assessee, ESI Hospital Employees Co-operative Thrift & Credit Society Ltd., is engaged in providing credit facilities to its members. It did not file its return of income for the assessment year 2016-17. Based on information regarding cash deposits made by the assessee, a notice under section 148 of the Income Tax Act was issued by the AO, Non-Corp Ward 10(1), Chennai. The assessee subsequently filed its return of income declaring total income of Rs.NIL after claiming a deduction. The assessment was completed by making an addition of Rs.55,12,316/- as interest income. Aggrieved by this order, the assessee filed an appeal which was confirmed by the CIT(A). The assessee then filed the present appeal.…

Legal Issues

• 1. Jurisdiction of the Jurisdictional Assessing Officer (JAO) in light of the CBDT Notification dated 29.03.2022 and relevant case laws.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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