2025 (6) TMI 1411

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....consolidated order for the sake of convenience. First, we take ITA No.65/Coch/2024 for narration of facts. 2. ITA No.65/Coch/2024 - Facts of the case are that the assessee is a trust registered under Section 12AA of the Income-tax Act, 1961 (hereinafter "the Act"). The original assessment for AY 2013-14 was completed under Section 143(3) on 28.03.2016. However, the case of the assessee was reopened under Section 147 of the Act based on information received regarding certain cash credits that remained unexplained. Pursuant to the reopening, a notice under Section 148 was issued, and in response to the same, the assessee filed a return of income on 18.04.2018. Notices under Sections 143(2) and 142(1) were issued, to which the assessee compli....

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....atisfied in most cases. Consequently, the appeal was dismissed. 4. The assessee is now in appeal before this Tribunal. The primary contention of the learned Authorized Representative (AR) is that the advances received were bona fide and from genuine parties. It was submitted that the list of persons from whom loans were received, along with their basic particulars, was provided. The ld. AR argued that the lower authorities failed to appreciate the nature of the assessee's activities as a trust and that the amounts were not in the nature of income but temporary advances. It was also submitted that the rejection of the explanations offered was arbitrary and that the CIT(A) failed to consider documents submitted at the appellate stage. The AR....

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....reditworthiness of the creditor, and 3. The genuineness of the transaction. 6.1 In the present case, while the assessee has submitted a list of creditors or donors, it failed to furnish key documentary evidence such as bank statements, income tax returns of the creditors, or confirmation letters. More importantly, discrepancies were found between the initial list of depositors filed earlier and the revised list submitted later. This seriously undermines the credibility of the assessee's claim. The lower authorities have categorically observed that in the absence of such corroborative evidence, the genuineness of the transactions is questionable. We find that the AO as well as the CIT(A) have given detailed findings, which remain unrebutt....