Question 1

What are the key legal issues in Sri Guru Thipperudraswamy Devasthana vs. The Income Tax Officer?

Accepted Answer

1. Whether the order of the CIT(A) is opposed to law, equity, weight of evidence, probabilities on the facts and circumstances in the Appellant's case. 2. Whether the order passed by the CIT(A) is in violation of the principles of natural justice.

Question 2

What are the facts of Sri Guru Thipperudraswamy Devasthana vs. The Income Tax Officer?

Accepted Answer

The facts of the case show that during the demonetization period, the assessee deposited cash of Rs.29,54,393 in its bank accounts with Canara Bank but did not file any return of income. Notice under section 142(1) was issued to explain the source of cash deposit, which the assessee did not comply with. A final notice was issued as a show cause notice for addition under section 69A of the Act, to which the assessee also did not reply. The Assessing Officer (AO) issued a notice under section 133(6) to Canara Bank and gathered information showing that the amount credited in the bank account for the financial year was Rs.4.85 crores, out of which cash deposits were Rs.2.39 crores and demonetized currency deposits were Rs.7.55 lakhs. The assessee submitted a letter stating that Rs.29,77,122 received by devotees in cash during the demonetization period was deposited in the bank account. The AO passed an assessment order under section 144 of the Act, holding that the amount of Rs.4,85,49,050 is chargeable to tax under section 69A of the Act. The assessee appealed before the learned Commissioner of Income Tax (Appeals) (CIT(A)), who dismissed the appeal for non-response to notices. The assessee is now in appeal before the Tribunal, raising several grounds including failure to receive notices and bona fide belief of exemption under section 10(23BBA) of the Act.

Sri Guru Thipperudraswamy Devasthana vs. The Income Tax Officer

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