GLOBAL EDUCATIONAL SOCIETY,KHAMMAM vs. ASST. COMMISSIONER OF INCOME TAX, (EXEMPTIONS), HYDERABAD

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ITA 519/HYD/2020Status: DisposedITAT Hyderabad20 April 2021AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found it appropriate to allow the Assessing Officer to adjudicate the issue afresh. The assessee is to appear before the AO with relevant evidence explaining the source of cash deposits.

What were the facts?

The assessee's appeal for AY 2012-13 concerns an unexplained cash credit addition of Rs. 3,04,804. The lower authorities did not consider corresponding withdrawals when making the addition.

What were the issues?

The primary issue is the correctness of the unexplained cash credit addition, considering the lack of consideration for corresponding withdrawals by the lower authorities.

Which sections of the Income-tax Act were involved?

Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, HYDERABAD ‘SMC’ BENCH : Hyderabad

Before: SHRI S.S. GODARA

Hearing: 24/03/2021Pronounced: 20/04/2021

Date of Hearing : 24/03/2021 Date of Pronouncement : 20/04/2021 O R D E R This assessee’s appeal for A.Y. 2012-13 arises against the Commissioner of Income Tax (Appeals) “[CIT(A)]”-9, Hyderabad’s order dated 21.08.2020 passed in case no. 09/10241/2019-20 in proceedings u/s 147 of the Income Tax Act, 1961 [in short ‘the Act’].

Heard both the parties. Case file perused.

2.

Coming to the sole substantive issue of correctness of unexplained cash credit addition made in both lower authorities’ proceedings to the tune of Rs.3,04,804/-, I notice at the outset that corresponding credits of withdrawals, in case has neither been considered nor granted in the course of assessment. Faced with this situation, learned counsel undertakes to explain the sources thereof; if granted a fresh opportunity of hearing, before the Assessing Officer. I deem it appropriate in these facts and circumstances, that the Assessing Officer needs to adjudicate the instant issue afresh. The Global Educational Society, Khammam. assessee or through its authorized representative shall appear before the Assessing officer on or before 30th July, 2021 with all relevant evidence(s) explaining source of cash deposits at its own risk and responsibility within three effective opportunities. Ordered accordingly. This assessee’s appeal stands allowed for statistical purposes in above terms. Order pronounced in Open Court on 20/04/2021.

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