2026 (4) TMI 1382

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rising from the assessment order dated 04.03.2024 passed u/s 147 r.w.s. 144 r.w.s. 144B of the Act pertaining to Assessment Year 2019-20. 2. Brief facts of the case are that the assessee is a company and had not filed its return of income for the year under appeal. Information was received on insight portal as per the risk management strategy that the assessee has carried out transactions of INR 27,75,56,079/- in different bank accounts including cash deposit of INR 27,74,17,196/- therefore, the case of the assessee was re-opened u/s 147 of the Act after following procedure as prescribed u/s 148A of the Act. The notice was issued u/s 148 of the Act on 30.03.2023, however, not no return was filed by the assessee. Thereafter, as the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cts and circumstances of the case and in law, whether the CIT (A) is justified in deleting the addition of Rs. 27,74,17,196/- made u/s 69A of the LT. Act, 1961 without appreciating the fact that the assessee has not co-operated in the scrutiny proceedings and as such failed to explain the nature and source of time deposit of Rs. 25,70,05,445/- and cash deposit of Rs. 2,04,11,751/- as laid down in section 69A of the I.T. Act, 1961. 2. Ground No. 2-On facts and circumstances of the case and in law, whether the CIT (A) is justified in deleting the addition of Rs. 1,38,883/- made by the AO under the head income from other sources on account of undisclosed interest income without appreciating the fact that the assessee has not co-operat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd of appeal as stated above as and when needs for doing so may arise." 5. Heard the contentions of both the parties at length and perused the material available on record. At the outset, it is seen that assessee is a company incorporated by the Government of Uttarakhand and the Governor of Uttarakhand has the sole power to appoint or remove the Directors of the company. The assessee has also filed the Certificate of Incorporation and Memorandum & Articles of Association of Company which are placed at pages 23 to 40 of Paper Book as per which the company is formed under section 617 of the Companies Act, 1956 by Uttarakhand Government. 6. Since the Co-ordinate Bench of the Tribunal in ITA 177/DDN/2024 in the case of the assessee vide o....