Income Tax Officer, Ward 38(1), Midnapur, Paschim Medinipur-721101, West Bengal Vs. Kurkutbandhi SKUS Ltd., Kurkutbandhi, Jagardanga, Paschim Medinipur -711121, West Bengal

Parties Involved

Facts Summary

The Revenue has raised several grounds of appeal against the order of the National Faceless Appeal Centre, Delhi (Ld. CIT(A)) dated 10.01.2025 for the Assessment Year 2017-18. The grounds include the allowance of additional evidence at the appellate stage, deletion of disallowance of deduction under section 80P, deletion of addition for unexplained cash deposit under section 69A, and deletion of addition for disallowance of provision for overdue interest. The assessee, Kurkutbandhi SKUS Ltd., was found to be engaged in accepting deposits and giving loans against such deposits to non-members, leading to disallowance of deduction under section 80P. The assessee deposited a large sum of cash during the demonetization period, which was added as unexplained money under section 69A. The assessee also made a provision for overdue interest, which was disallowed by the Assessing Officer.…

Legal Issues

• 1. Allowance of additional evidence at the appellate stage
• 2. Deletion of disallowance of ₹24,30,594/- under section 80P
• 3. Deletion of addition of ₹2,15,53,700/- for unexplained cash deposit under section 69A
• 4. Deletion of addition of ₹24,624/- for disallowance of provision for overdue interest

Judgment Outcome

Decided in favour of Assessee.

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