TaxTMI 
TaxTMI 
2025 (1) TMI 500
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....lowing the claim of the appellant u/s 80P (2) of the Income tax Act, 1961 for Rs. 1,14,509/- on the alleged violation of the appellant in complying with the provisions of section 80A(5) of the Income tax Act, 1961. 3. That the ld. CIT (A) has erred in law in confirming the action of the Ld. AO in disallowing the claim of the appellant u/s 80P (2) of the Income tax Act, 1961 for Rs. 5,62,832/- being interest received from Co-operative Bank on the alleged violation of the appellant in complying with the provisions of section 80A(5) of the Income tax Act, 1961 4. That the appellant craves leave to add, amend, alter, withdrawn any of the grounds of appeal before hearing. 2. The appeal filed by the assessee is delayed by 26 days. The ld. A/R has filed condonation applications dated 28.08.2024 and 30.08.2024 along with an Affidavit of Shri Ram Narain, Secretary of Soyala Gram Sewa Sahakari Samiti Ltd., duly verified by Notary Public, which reads as under :- "I, Ram Narain Jat S/o Shri Badri Lal Jat, aged years, secretary of Soyala Gram Sewa Sahkari Samiti Ltd., Gram Soyala, Jaipur Road, Tonk (Rajasthan) - 304 001, do hereby solemnly affirm and declare as und....
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....n the case of Collector, Land Acquisition vs. Mst. Katiji, 1987 AIR 1353 (SC), we condone the delay of 26 days in filing the appeal before us. 3. Ground no. 1 raised in the grounds of appeal herein above is an additional ground which, due to inadvertence, could not be taken up before the ld. CIT (Appeals). The assessee has, thus, prayed that this additional ground being purely legal in nature and does not require any adjudication of facts, the same be admitted for adjudication. In this regard, the ld. AR placed reliance on the judgment of Hon'ble Supreme Court in the case of NTPC vs. CIT, 229 ITR 383 (SC). 4. We have heard both the sides in respect of admission of additional ground. The additional ground raised by the assessee is purely legal in nature and also goes to the root of the matter regarding the validity of the assessment. The assessee has disputed the action of the AO in violation of provisions of section 147 of the IT Act, 1961. Therefore, this issue raised by the assessee can be adjudicated on the basis of the facts and material available on the assessment record. Accordingly, in view of the decision of the Hon'ble Supreme Court in case of NTPC vs. CIT, 229 IT....
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....3,000/- in the bank account of the assessee society. The same is apparent from the order passed by him u/s 148A(d) of the Income Tax Act, 1961 (APB 1-2). During the assessment proceedings the AO was satisfied about this particular reason as mentioned by him at page no. 6 of the order wherein he has categorically stated that no variation is proposed on the issue of cash deposit of Rs. 63,33,000/- in the bank account. Meaning thereby that the ld. AO did not make any addition/ disallowance on the reason for issue of notice u/s 148. Under such circumstances no disturbance could have been made by him on other issues. The provisions of section 147 of the Income tax Act, 1961 are as under :- Income escaping assessment. 147. If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Explanation.-For....
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....8 of the Income Tax Act, 1961 was issued on 29.03.2022 and as per order passed u/s 148A(d) dated 29.03.2022 following ground was taken for issuance of notice u/s 148 :- "In this case of the assessee, specific information was flagged as per Risk Management Strategy formulated by the CBDT through ITBA software under the head 'NMS cases'. As per the specific information, Soyala Gram Sewa Sahakari Samiti Limited (PAN : AAHAS1052Q) has carried out following transactions during the financial year 2014-15, relevant to the assessment year 2015-16" :- S.No. Name of Bank Cash Deposited 1. Axis Bank Limited Rs. 63,33,000/- Total Rs. 63,33,000/- "It is further noticed that the assessee has not filed his return of income for the AY 2015-16. In absence of return, the above transactions made by the assessee remains unexplained. Thus income from above transactions has not been offered for tax and due tax has not been paid." The issue of cash deposit was examined by the ld. AO during assessment proceedings and in the assessment order on page 6 the ld. AO states that no variation is proposed on the issue of cash deposit by the assessee society i....