TaxTMI 
TaxTMI 
2017 (11) TMI 105
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....had also made investment of Rs. 20,00,000/- in Mutual Fund and expended a total sum of Rs. 2,21,370/- through his HDFC Credit Card. Since no return of income for the year under consideration was filed by the assessee, a notice under section 148 was issued by the Assessing Officer, which was served on 07.06.2011 through 'Affixation'. There was, however, no compliance on the part of the assessee to the said notice as well as the subsequent notice issued by the Assessing Officer under section 142(1) during the course of assessment proceedings. The Assessing Officer, therefore, was left with no option but to complete the assessment ex-parte to the best of his judgment. In the assessment so completed under section 144/147 vide an order dated 30.....
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....d committed some irregularity but ultimately he was made to return the money to St. Lawrence High School. It is very difficult at this stage to ascertain who is at fault. Whether it is Sri George Thomas or the management of St. Lawrence High School. However, one thing is certain that money belong to St. Lawrance High School which may had been temporarily diverted but ultimately it has gone back to St. Lawrence High School. There is nothing on record to suggest that Shri Geroge Thomas has in any manner being able to fully siphon of or utilized this money. Hence no income appears to have accrued in the hands of Sri George Thomas. In their reply dated 26.01.2016, Calcutta Province of the Society of Jesus has informed that notice u/s 148 was is....
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....nagement and this was returned to the school no addition was called for without independently verifying the source of money at the hands of the assessee by checking/ verifying the bank account details of the assessee in which the deposits have been made/ from which the investments are stated to have been made. (3) That on the facts and the circumstances of the case the Ld. CIT(A) erred in allowing such relief without verifying from the accounts of the school as to how the money had been accounted for in its books of accounts and how the same had been considered for computing total income of the school". 5. At the time of hearing fixed in this case on 11.05.2017, none appeared on behalf of the assessee. Even there was no appearance on be....