Shri Balaji Shikshan Prasarak Mandal Vs ITO (E)

Parties Involved

Facts Summary

The assessee, Shri Balaji Shikshan Prasarak Mandal, is a Trust that failed to file its return of income for the assessment year 2017-18, resulting in it being identified as a 'non-filer'. Upon receiving information through the Annual Information Return (AIR) that the assessee deposited a large sum of special bank notes (SBN) during the demonetisation period, the Income Tax Officer (ITO) issued a notice under section 142(1) of the Income-tax Act, 1961, calling upon the assessee to furnish its income return. Despite multiple notices, the assessee did not respond. The ITO proceeded ex-parte and treated the difference between the cash deposits and the opening cash balance as unexplained cash credit under section 68 of the Act, adding ₹5,66,535/- to the assessee's income, which was then taxed under section 115BBE of the Act. The assessee appealed against this order before the Commissioner of Income Tax (Appeals), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT), Pune.…

Legal Issues

• 1. Whether the addition made by the Income Tax Officer is justified.

Judgment Outcome

Decided in favour of Assessee.

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