2025 (6) TMI 627

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....by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), Panaji [CIT(A)] dated 13.03.2025 for Assessment Year (AY) 2017-18. 2. Brief facts of the case are that the appellant is a charitable trust incorporated under the provisions of Trust Act. It was found with the object of running a school. No regular return of income for AY 2017-18 under the provisions of se....

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....ct. The appellant also made cash deposit in specified bank notes (SBN) during demonetisation period of Rs. 9,38,376/- out of which an amount of Rs. 1,71,129/- was treated as explained representing the cash book balance as on the first day of demonetisation was Rs. 1,71,129/-. The balance of Rs. 7,72,941/- was brought to tax as unexplained money of the appellant. 3. Being aggrieved, an appeal wa....

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....placing reliance on the orders of the lower authorities submits that no interference is called for. 7. I heard the rival contentions and perused the material available on record. The issue that arises for my consideration is whether the AO is justified in treating the cash deposits in SBN during the demonetisation period as unexplained money of the appellant trust. The facts as emanate from the....