ITA No.655/Coch/2023: The Vellur Service Co-operative Bank Limited v. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, The Vellur Service Co-operative Bank Limited, appeals against an order of the Commissioner of Income-tax (Appeals) / NFAC dated 18.08.2023, which upheld an unexplained money addition of Rs.3,46,06,000 under section 69 of the Income-tax Act, 1961. The assessee argues that the addition was made based on demonetized specific bank notes received from account holders in regular banking activity. The respondent, the Income Tax Officer, contends that the KYC details of the account holders were not filed or processed. The Tribunal restores the assessee's substantive ground back to the Assessing Officer for a fresh adjudication, subject to the assessee proving all relevant facts within three opportunities of hearing.…

Legal Issues

• 1. Whether the unexplained money addition under section 69 of the Income-tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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