Shri Panchmukhi Ganesh Nagari Sah Patsanstha Ltd. vs. ITO, Ward 2, Sangli

Parties Involved

Facts Summary

The assessee, Shri Panchmukhi Ganesh Nagari Sah Patsanstha Ltd., made cash deposits of Rs.62,08,000/- in the bank account maintained with the Saraswat Co-operative Bank Ltd., Branch-Vita during the financial year 2011-12 relevant to assessment year 2012-13. The case of the assessee was reopened under section 147 of the Income Tax Act, 1961, and notice under section 148 of the Act was issued and served on the assessee. However, no return was filed in response to the same. Statutory notice under section 142(1) was also issued and served on the assessee. However, there was no response from the side of the assessee for which, the Assessing Officer completed the assessment under section 144 of the Act by making addition of Rs.62,08,000/- under section 68 of the Act. Since the assessee did not respond to the notices issued by the CIT(A) / NFAC, the CIT(A) / NFAC in the ex-parte order passed by him sustained the addition made by the Assessing Officer. Aggrieved with such order of CIT(A) / NFAC, the assessee is in appeal before the Tribunal.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer under section 68 of the Income Tax Act, 1961, is justified?
• 2. Whether the assessee should be given an opportunity to substantiate his case by filing the relevant details before the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Jaihind Nagari Sahakari Patsanstha Maryadit vs. The Income Tax Officer

  Pune bench

• Bhagwan Shree Agrasen Nagari Sahakari Patsanstha Maryadit vs. Income Tax Officer

  Pune bench

• Santosh Kumari Sahu v. The Income Tax Officer

  Allahabad bench

• Jitendra Kumar v. The Income Tax Officer

  Allahabad bench

• Tulsi Ram Singh vs. Income Tax Officer

  Agra bench

• Mr. Ramesh Kumar Vs. Income Tax Officer, Ward 43(2), New Delhi

  Delhi Bench benchAY 2017-18Allowed