2022 (6) TMI 1063

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....andemic and accordingly, the delay is condoned and admitted the appeal for adjudication. 3. Brief facts of the case are that the assessee is an individual and filed his return of income for the assessment year 2015-16 on 28.08.2015 admitting total income of Rs. .3,00,000/-. The return filed by the assessee was processed under section 143(1) of the Income tax Act, 1961 ["Act" in short] on 27.10.2015. Subsequently, the case was selected for scrutiny and the assessment was completed under section 143(3) of the Act dated 27.06.2017. During the course of assessment proceedings, the Assessing Officer has noticed that there was a cash deposits of Rs. 1,06,96,700/- in various bank for which he has explained that all the cash deposits at various ba....

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.... which is registered under section 12AA of the Act. The assessee, who is the managing trustee and collected fee from the students and deposited his personal account, he should have been deposited to school account and in his personal account and therefore, directed the Assessing Officer to make afresh after verification of the details. 4. Aggrieved, the assessee is in appeal before the Tribunal. The ld. Counsel for the assessee has submitted that the assessee is the managing trustee of the school and collected uniform fee, note book fee, school van fee and building fee and these are other fees and not school term-fee. The regular payment of fee has to go to school account and fees collected by the assessee is other than regular termfee and....