Shri Swarnkar Samaj Samiti, Neemuch बनाम ITO, Neemuch

Parties Involved

Facts Summary

The assessee, Shri Swarnkar Samaj Samiti, is a registered society located in Neemuch. The Assessing Officer (AO) found that the assessee had made cash deposits of Rs. 20,32,700/- in an account with Allahabad Bank during the demonetization period. The assessee did not file a return under section 139 of the Income-tax Act, 1961. The AO issued notices under sections 142(1) and 144, which the assessee did not comply with. The AO issued a summon under section 131 to Shri Bhagat Verma, the Secretary of the assessee-society, who explained the sources of the deposits. However, the assessee did not submit supporting documentary evidence. The AO made an addition of Rs. 39,43,619/- in respect of cash and non-cash deposits credited in the assessee's two bank accounts during the financial year 2016-17. The assessee filed an appeal against the addition, which was rejected by the Commissioner of Income-Tax (Appeals). The assessee then filed an appeal with the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition made by the AO is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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