TaxTMI 
TaxTMI 
2025 (2) TMI 1785
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....t') dated 12.12.2019 by the Assessing Officer, ITO, Ward-4(1)(4), Aligarh (hereinafter referred to as 'ld. AO'). 2. The first issue to be decided in this appeal is as to whether the ld NFAC was justified in sustaining the addition made in the sum of Rs 15,64,500/- on account of cash deposits in the facts and circumstances of the instant case. The interconnected issue involved therein is as to whether the Learned NFAC was justified in confirming the addition made on account of 8% of turnover as profits of the assessee society. Further whether the activities of the assessee society could be construed as business in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available....
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....money and accordingly issued a show-cause notice to the assessee. The authorized representative of the assessee society appeared before the Learned AO and stated that the amounts deposited in the bank account during demonetization is out of fee collection of students and sources of which are properly explainable. However, no documentary evidences were submitted by the assessee in that regard. Even though the Learned AO observed that totally a sum of Rs 50,10,118/- stood deposited in cash in bank accounts of the assessee during demonetization period, ultimately only a sum of Rs 15,64,500/- was sought to be treated as unexplained money under section 69A read with section 115BBE of the Act. Further, the Learned AO observed that in the bank sta....
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.... the amendment that had brought in the statute with effect from assessment year 16-17 that any assessee trust/ society would be entitled for exemption under section 10(23C)(iiiab) of the Act only if the same had been claimed in the return of income. Since no return of income was filed by the assessee, the assessee would not be entitled for claim of exemption under section 10(23C)(iiiab) of the Act. Since the assessee's entitlement for claim of exemption under section 10(23C)(iiiab) of the Act has been denied, the Learned NFAC observed that assessee's activities are only commercial in nature and hence upheld the additions made by the Learned AO in the assessment and dismissed the appeal of the assessee. Aggrieved, the assessee is in appeal b....
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.... is distinguishable as it had not considered the amendment brought in the statute with effect from Assessment Year 2016-17. Hence we hold that since no return of income for the Assessment Year 2017-18 was filed by the assessee, it would not be entitled for claim of exemption under section 10(23C)(iiiab) of the Act in the instant year. However, it is not clear as to whether the assessee society is earlier registered under section 12A of the Act and consequentially would be eligible for exemption under section 11 of the Act. We find from the provisions of section 139(4A) of the Act, even for claiming exemption under section 11 of the Act, the assessee should have filed the return of income within the due date prescribed under section 139(1) o....