2018 (9) TMI 1304

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....r called as the 'Act') framed on 22.03.2016 by ITO, Dhar. 2. Briefly stated facts as culled out from the records are that the assessee is the President of M/s. Laxmi Sakh Sahakarita Maryadit Society, Kukshi registered under the Madhya Pradesh Sahakari Society (Amendment) Act, 2012. a Private Limited Company engaged in the activity of civil construction, purchase and sale of immoveable property. His source of income was from legal practice and other sources. Income of Rs. 3,29,930/- disclosed in the income tax return filed on 14.6.2014. Case selected for scrutiny through CASS. Accordingly notices u/s 143(2)/142(1) duly served upon the assessee along with questionnaire. On the basis of the information received by the Assessing Officer from....

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....ow the revenue is in appeal before the Tribunal raising following grounds; "Whether on the facts and in the circumstances of the case, the Ld. CIT(A) erred in :- 1. deleting the addition of Rs. 52,95,000/- on account of unexplained cash deposits in the bank account of M/s. Lakshmi Sakh Sahakarita Marydit Society u/s 69 of the I.T. Act without appreciating the findings of the AO. 2. deleting the addition of Rs. 55,42,838/- on account of unexplained fixed deposit credited in the bank account of M/s. Lakshmi Sakh Sahakarita Marydit Society u/s 69 of the I.T. Act without appreciating the findings of the AO. 3. deleting the addition of Rs. 55,42,838/- on account of unexplained fixed deposit when the TDS on suc....

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.... society. (i) Copy of the Registration Certificate of the society Laxmi Sakh Sahkarita Mariyadit, Kukshi under the Madhya Pradesh Autonomous Cooperatives, 1999 dated 05/04/2006. (ii) Copy of the Registration Certificate of the society Laxmi Sakh Sahkarita Mariyadit, Kukshi under the Madhya Pradesh Cooperative Society (Amended) Act, 2012 dated 08/01/2014. (iii) Copy of PAN card of the society Laxmi Sakh Sahkarita Mariyadit, Kukshi Kukshi. (iv) The 1etter of the Auditor Mr. Rakesh Gupta, CA stating that the accounts of the society have been audited for period ending 31/03/2013 enclosing the P&L a/c and balance sheet. (v) Copy of bank account of the society with Narmada Jhabua Gramin Bank A/c No. 36....

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....facts and circumstances of the case it is evident that bank account no. 3612 in Narmada Jhabua Gramin Bank, Kukshi is of the society M/s. Laxmi Sakh Sahkarita Maiyadit whose president is the appellant. The cash book of the society M/s Laxmi Sakh Sahakarita Maryadit reflects the said cash balances which have been deposited in the account. Therefore, the addition of Rs. 52,95,000/- on account of cash deposited in the said account during the period under consideration cannot be made in the hands of the appellant. The addition of Rs. 52,95,000/- is deleted and ground no. 2 is allowed". 8. The findings of the Ld.CIT(A) were not controverted by the Departmental Representative. Records asserts the fact that the alleged transaction of c....