2014 (7) TMI 1292

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....3(3) of the Income-tax Act, 1961. 2. This appeal for the assessment year 2008-09 in ITA No.1475/Mds/2010 filed by the Revenue was heard along with other appeals filed by the Revenue for the assessment years 2003-04 to 2007-08, in ITA Nos.1470 to 1474/Mds/2010. Cross appeals were filed by the assessee for the assessment years 2003-04, 2004-05, 2006-07 and 2008-09. All these appeals were disposed off through the common order passed by the Tribunal on 30th July, 2012. The appeals filed by the Revenue have been dismissed and the cross appeals filed by the assessee have been allowed. 3. Thereafter, the Revenue filed a Miscellaneous Petition in M.P.No.34/Mds/2014 with reference to the assessment year 2008-09 in appeal No.1475/Mds/2010. The ....

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....0,000/- each in the case of every student admitted to the Nursing course. The assessee has described the said collection as Registration Fees. The Assessing Officer found that this amount is collected in addition to the regular fee payable by each student. In the course of search, demand drafts received from respective students of Nursing course valued at Rs. 18 lakhs were found. These collections amounting to Rs. 18 lakhs had not been accounted by the assessee society as on the date of search, even though the amounts were collected much earlier. The assessee was asked to furnish details regarding these receipts and to explain how the collections were accounted in its books of account. But according to the assessing authority, the assessee ....

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....re the Commissioner of Income-tax(Appeals), the explanation of the assessee was that those amounts were collected from respective applicants and the amounts would be entered in the accounts only after the admission process was finalized. The assessee also explained that the amounts were paid back to those applicants, who were not admitted to the Nursing course. 10. We find that the above explanation of the assessee is devoid of any merit. It is a fact that demand drafts amounting to Rs. 18 lakhs were found at the time of search. It is also true that those amounts were not recorded in the books of account of the assessee. Even if those amounts were collected by the assessee from the respective applicants subject to the finalization of adm....