Peralam Service Co-op. Bank Ltd. vs. The Income Tax Officer

Parties Involved

Facts Summary

Peralam Service Co-op. Bank Ltd.'s appeal for A.Y. 2017-18 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/ NFAC/S/250/2023-24/1056408877(1) dated 22.09.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act). The assessee’s sole substantive grievance seeks to reverse both the learned lower authorities findings making sections 68/69 addition of unexplained cash deposits amounting to Rs.38,18,500/- representing Specified Bank Notes (SBN) deposited during the demonetization period w.e.f. 08.11.2016 onwards. The assessee argues that it could not plead and prove all the relevant facts (including compliance of KYC norms) before both the lower authorities on account of various communication gaps.…

Legal Issues

• 1. The assessee's appeal against the lower authorities' findings on sections 68/69 addition of unexplained cash deposits.

Judgment Outcome

Decided in favour of Assessee.

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