TaxTMI 
TaxTMI 
2026 (1) TMI 206
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....e counsel of the assessee explained the reason for delay in filing the appeal. The Ld. D.R did not raise any objection in condoning the delay. After hearing the rival contentions and perusing the materials available on record, we find that the delay is for bonafide and genuine reasons and hence, we condone the delay and admit the appeal of adjudication. 3. The facts in brief are that the assessee during the year did not file any return of income. The assessee is a co-operative society which was registered on 22.02.2008 and has been carrying on its activities since then said society have been providing services to its member by advancing them money and also the deposits from the member during the year as per the audited balance sheet, the....
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.... were also not complied with. Since, the assessee filed the ITR on 07.09.2019, the AO issued notice u/s 143(2) of the Act on 13.12.2019. Finally, on the basis of information available with the ld. AO, the ld. AO treated the amount deposited by the assessee aggregating to Rs. 68,10,000/- comprising Rs. 55,10,000/- cash deposited and 13,00,000/- time deposit during the year as unexplained money thereby making an addition of Rs. 68,10,000/- made to the income of the assessee without allowing any deduction u/s 80P of the Act. The ld. AO added the entire amount of deposit into the bank account of Rs. 68,10,000/- as unexplained money u/s 69A of the Act comprising Rs. 55,10,000/- cash deposited by the assessee over the period of 12 months as well ....
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....e submissions during appellate proceedings, there is no real advancement in this litigation, as there is a singular lack of information on record as per Income Tax Act which would enable either the AO or this office, to support the stand of the assessee, when, pray, the stand of the assessee itself is not known ! And, above all, the assessee has stated that it was the AO who should have issued notices to the depositors and that, there was no burden on the assessee itself to comply with the machinery provisions of Income Tax Act! Accordingly, the grounds are dismissed." 3.2. After hearing the rival contentions and perusing the materials available on record, we find that the society is a registered co-operative society and has been carryin....
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.... assessee that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI "A" of the Act, is not claimed in such return of income. It will not apply to a case where no return of income is filed. The provisions of section 80AC of the Act, as we have already seen, contemplates denial of deduction in respect of certain provisions of Chapter VI "A" of the Act, if a return of income is not filed by an assessee. Those provisions, as rightly contended by the learned Counsel for the assessee, do not apply to the claim for deduction under section 80P of the Act. Therefore, the Revenue authorities were not justified in not entertaining the claim of the assessee for deduction under sec....
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.... we note that during the instant financial year, the assessee incurred loss of Rs. 48,70,648/- from the operation. A copy of the said profit and loss account is available in the paper book at page 6 and 7. We further note that the assessee is a co-operative society who has been engaged in the business of banking and providing facility to its members and the accounts were statutorily audited by the Government cooperative auditors appointed by The Registrar of Cooperative Societies, Co-operation department, Government of West Bengal, We note that the assessee has duly filed the Audit Report dated 20.01.2020 including audited profit and loss account with no adverse finding. Therefore, this is factual mistake on the part of the ld. CIT(A) in ta....