People Tree Chits Pvt. Ltd. vs. Income Tax Officer, Ward- 5(2)(1)
Case No: ITA No. 2270/BANG/2024
Court: INCOME TAX APPELLATE TRIBUNAL, 'C' BENCH: BANGALORE
Date: 1/6/2025
Parties Involved
appellantPeople Tree Chits Pvt. Ltd.
respondentIncome Tax Officer, Ward- 5(2)(1)
Facts Summary
The case involves People Tree Chits Pvt. Ltd., which was found to have made cash withdrawals amounting to Rs. 1,28,28,590/- and deposited a significant amount of cash (Rs. 1,05,59,590/-) into its bank account without substantiating the source. The Assessing Officer (AO) issued a notice under section 148A(b) of the Income Tax Act, 1961, and subsequently passed an order under section 148A(d) due to the assessee's failure to provide written submissions or documentary evidence. During the assessment…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Learned Commissioner of Income Tax (Appeals) erred in dismissing the appeal on the ground that the appellant has not complied with the terms of section 249(4) of the Act.
- 2. Whether the Learned Commissioner of Income Tax (Appeals) erred in not considering the submission that the appellant has filed the return of income and the entire tax payable on the returned income is covered by TDS.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
4 precedents cited in this judgement.