TaxTMI 
TaxTMI 
2026 (3) TMI 1100
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....g to different Assessment Years (AYs). Since common facts and issues are involved in all these appeals, these were heard together and are being disposed of by this consolidated order. Assessee's appeal in ITA No.1461/Ahd/2024 for AY 2015-16 is taken as a lead case for the purpose of narration of facts. ITA No.1461/Ahd/2024 for AY 2015-16 2. The assessee in this appeal is aggrieved by the action of the Ld. CIT(A) in confirming the addition of Rs. 1,10,43,940/- made by the Assessing Officer (AO) on account of unexplained cash deposits by the assessee in Shri Renuka Mata Multi State Urban Co-operative Credit Society Ltd. 3. The brief facts of the case as extracted from the assessment order are that the assessee filed his return of inc....
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.... assessee had failed to take into consideration the transactions carried out in the account of the assessee with Shri Renuka Mata Co-Op Society Ltd. That on receipt of notice u/s 148 of the Act, the Assessee filed his return of income assessee u/s 147/148 read with section 44AD of the Act on 22.03.2022. He further explained that the transactions/deposits in Shri Renuka Mata Cooperative Society Ltd. were considered as turnover and profit at the rate of 8% on the same was offered in the Return of Income so filed. It was submitted that only the profit element embedded in the transactions could be taxed and not the entire sale receipts. The AO, however, observed that since the return of income filed by the assessee was not e-verified by the sys....
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.... It was further submitted that the Co-Ordinator Ahmedabad Bench of the ITAT in the case of Kaushil Pravinchandra Gohel in ITA Nos 690 to 694 vide order dated 17.04.2024 held that the only 0.25% of deposits made in the account with Shri Renuka Mata Society be treated as income, however, the assessee has already offered profits @ 8% of such receipts/deposits. The Ld. CIT(A), however, did not agree with the contentions raised by the assessee and dismissed the appeal of the assessee. 5. Being aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before us. 6. We have heard the rival contentions of the Ld. Representatives of the parties and gone through the record. The Ld. Counsel for the assessee has demonstrated that the de....
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.... wherein, it was found that various persons had deposited amounts in their accounts running with Shri Renuka Mata Multi State Urban Co-operative Credit Society Ltd. and that on the basis of said information, the re-opening of the assessment was done in the case of the assessee. He, in this respect, has submitted that as the provisions relating to assessment pursuant to search and seizure action is given u/s.153A to u/s.153C of the Act, which in itself a separate code in itself, and as per the aforesaid statutory provisions, the only course of action available to the AO was to proceed for assessment u/s.153C of the Act and not u/s.147/148 of the Act. He, in this respect, has relied upon various case-laws to contend that the reopening of the ....
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.... is required to be taxed. The assessee has already offered profit @8% on such deposits, therefore no further addition is warranted in this case. Therefore, the impugned addition made by the AO is ordered to be deleted. However, the tax already deposited by the assessee on the 8% profits shown by the assessee will not be refunded and the said return be accepted as such. 9. With the above observations, the appeal of the assessee in ITA No.1461/Ahd/2024 for AY 2015-16 is hereby treated as allowed. 10. Now, we take up remaining Assessee's appeals in ITA Nos.1462 and 1463/Ahd/2024 for AYs 2016-17 & 2017-18 respectively. 11. The facts and issues involved in all these appeals are identical except the amount of deposits with Shri Renuka Ma....