JJ708 CHINNAMBEDU PRIMARY AGRL COOP CREDIT SOCIETY,CHINNAMBEDU vs. AO 92, WARD TIRUVALLUR

At the outset, we note that the Assessing Officer denied withdrawal of cash from Kanchipuram Cooperative Bank to an extent of ₹.1,67,42,000/- and completed the assessment vide his order dated 30.03.2023 passed under section 147 of the Income Tax Act, 1961 [“Act” in short], which were challenged before the ld. CIT(A), wherein, he confirmed the order of the Assessing Officer in the absence of any documentary evidence or explanations filed by the assessee.

After hearing both the parties, upon perusing material on record and considering the undertaking brought on record by the ld. AR Shri S. Vignesh, C.A., we deem it proper to remand the matter to the file of the Assessing Officer subject to the condition of payment of ₹.50,000/- in favour of the State Legal Aid Authority, Hon’ble High Court of Madras within 30 days from the date of receipt of this order and the Assessing Officer shall satisfy the payment of cost and decide the issue afresh after considering the written submissions/ documentary evidences as may be filed by the assessee to substantiate its claim. In any case, the assessee fails to appear before the assessing authority, it is open to the Assessing Officer to complete the assessment based on the material available on record and to pass order in accordance with law. Thus, the grounds raised by the assessee are allowed for statistical purposes.