THE ANNDPURA JALBERA PRIMARY AGRICULTURE COOPERATIVE SOCIETY LTD.,AMBALA vs. INCOME TAX OFFICER, WARD-5,, AMBALA

On the facts and circumstances of the case the Ld.CIT(Appeals) NFAC has erred in 2. having confirmed the order the Ld.AO which is illegal, without jurisdiction, and void abinitio as no statutory notice u/s 143(2) was issued in the present case. On the facts and circumstances of the case the Ld.CIT(Appeals)NFAC has erred in 3. having confirmed the action of AO in framing the assessment under the old PAN which was already surrendered by the assessee. On the facts and circumstances of the case the Ld. CIT(Appeals) NFAC has erred in 4. having not considered the return of income filed by the assessee under the new PAN allotted to the assessee society and grossly erred in ignoring the additional evidence filed vide assessee's application dated 06.03.2024. On the facts and circumstances of the case the Ld. CIT(Appeals) NFAC has erred in 5. having sustained an addition of Rs.6,19,500/- made by the Ld.AO u/s 68 of the Income Tax Act treating the same as unexplained cash credits, on account of accepting SBNs by assessee society during demonetization period and depositing the same in its bank account although admittedly the cash received and deposited was duly recorded in the books of accounts maintained in regular course of business.

On the facts and circumstances of the case the Ld.CIT(Appeals) NFAC has erred in having not considered the case laws on point at issue, relied upon by the assessee which are on identical facts and are fully applicable to the facts of present case.”

Briefly the facts of the case are that the assessment in this case was completed under section 147 r.w.s. 144 of the Act vide order dt. 24/12/2019 wherein the AO brought the tax a sum of Rs. 6,19,500/- under section 68 of the Act. The assessee thereafter carried the matter in appeal before the Ld. CIT(A) who has since sustained the said addition and against the findings of the Ld. CIT(A), the assessee is in appeal before us.