M/s. Yasalur Primary Agricultural Credit Co-operative Bank Ltd. vs ITO

Parties Involved

Facts Summary

The assessee, M/s. Yasalur Primary Agricultural Credit Co-operative Bank Ltd., filed an appeal against the order of the Ld.CIT(A)/NFAC dated 03.07.2025. The appeal was directed against the order passed under section 250 of the Income Tax Act, 1961 for the assessment year 2019-20. The assessee had not represented its case before both the authorities below. The AO had passed an ex-parte order by adding the entire cash deposits/credit entries/Deposits in different bank accounts amounting to Rs.4,85,35,957/- as unexplained money under section 69A of the Act. Despite providing reasonable/sufficient opportunities during the appellate proceedings, the assessee did not make any submissions during the entire appellate proceedings.…

Legal Issues

• 1. Whether the ex-parte order passed by the AO under section 69A of the Act is justified?
• 2. Whether the assessee is entitled to a reasonable opportunity to be heard?

Judgment Outcome

Decided in favour of Assessee.

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