THRISSUR DISTRICT NRI SERVICE CO-OPERATIVE SOCIETY,THRISSUR vs. INCOME TAX OFFICER , NATIONAL FACELESS ASSESSMENT CENTRE, KOCHI

This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 04/11/2024.

Brief facts of the case are that the assessee, a cooperative society, did not file its return of income for the assessment year under consideration. Based on information received by the Department, it was noted that the assessee had deposited a sum of Rs.37548740 during the financial year 2015-16, including time deposits of 89 lakhs. Consequently, proceedings under section 147 of the Act were initiated to bring to tax the alleged undisclosed income. Notice under section 148 was issued and served upon the assessee. However, due to non- compliance with the notices issued under sections 148 and 142(1), the assessment was completed under section 144 r.w.s. 147, whereby the Thrissur District NRI Service Co-operative Society entire amount of Rs.37548740 was treated as unexplained cash deposits under section 69A of the Act and added to the assessee's total income.

Dissatisfied with the above order assessee went in appeal where the appeal of the assessee was dismissed due to defects in the memo of appeal filed by the assessee.

Aggrieved by the above assessee is in appeal before us on multiple grounds. However, during the course of hearing, the Ld. AR fairly submitted that the assessee had failed to file the return of income for the assessment year in question and has since filed a petition before the Central Board of Direct Taxes (CBDT) under section 119(2)(b) of the Act, seeking condonation of delay for filing the return and requesting that the return be accepted. It was further submitted that the assessee has now filed the return of income claiming exemption under section 80P(2)(a)(i) of the Act, and the matter is currently pending before the CBDT. Therefore consideration the above facts allow the appeal of the assessee.