TaxTMI 
TaxTMI 
2022 (12) TMI 222
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....t year under consideration and an AIR information has been received by the A.O. about the cash the said cash deposit by the assessee society. Therefore, the A.O. issued letter dated 12.02.2018 to the assessee society to explain about the cash deposit in the bank account. Since, there was no reply from the side of assessee society, the A.O. noted an amount of Rs.23 lakhs has been escaped assessment for failure on the part of assessee society under section 147 of the I.T. Act, 1961. In order to verify the above transactions, the case was reopened by the A.O. under section 148 of the I.T. Act, 1961 after obtaining necessary approval from the Pr. Commissioner of Income Tax, Delhi- 14, New Delhi. Thereafter, statutory notices under section 148 a....
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....50,000/- made by the AO U s 68 of the Income Tax Act, 1961. 4. That the CIT (A) has erred in aw ano on facts in not considering that the provisions of section 68 of the income Tax Act, 1961 are not applicable to the facts of the present case." 5. That the Appellant humbly craves leave to add, alter, modify or revise any grounds of appeal. 4. From the careful perusal of the appeal record, we noticed that the appeal is time barred by 146 days. 5. The Learned Counsel for the Assessee filed an affidavit seeking for condonation of delay by contending, inter alia, that the delay in filing the present appeal is due to outbreak of the Covid-19 pandemic. He submitted that the order of Ld. CIT(A) was received by him on 17.03.2....
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.... not press ground of appeal nos.1 and 2, to which, the Ld. D.R. has no objection. We, therefore, dismiss ground of appeal nos.1 and 2 as not pressed. Ground of appeal no.5 is general in nature, which needs no adjudication. 9. The ground of appeal nos.3 and 4 which remained for adjudication before us are disallowance of amount of Rs.11,50,000/- made by the A.O. under section 68 of the I.T. Act, 1961. 10. During the course of hearing, the Learned Counsel for the Assessee drew the attention of the Bench of the written submissions filed by the assessee society contending, inter alia, that the authorities below grossly failed to note and understand that being a Cooperative Group Housing Society the assessee had received total contributions....
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....end to submit their bank statements, income tax returns etc., In support of his submissions, the Learned Counsel for the Assessee relied on the decision of Coordinate Bench of Bangalore Tribunal in the case of Bhageeratha Pattina Sahakara Sangha Niyamitha vs., ITO, Ward-3, Davanagere dated 18.02.2022, copy of which, is also placed on record. 11. The Ld. D.R. on the other hand, strongly relied on the orders of the authorities below and submitted that despite various opportunities granted to the assessee society, the assessee society had not filed documentary evidences to prove the genuineness of the cash deposit in the bank. He submitted that assessee society is a Cooperative Society and, therefore, 'Society' is a taxable entity under the....